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The 31-year-old became part of the Toffees in 2017, with a transfer fee of £30m, which was a British record for a goalkeeper at that time.
According to sources, Sport reports that a statement will be forthcoming in the next few days.
Pickford, whose existing contract runs until 2027, has been awarded Everton's player of the year title four times, including in the last three consecutive seasons.
His contract extension represents a significant advantage for the club, which recently secured a new two-year contract for captain James Tarkowski earlier this month.
Since his transfer from his youth team, Sunderland, Pickford has made 329 appearances for Everton.
He has been instrumental in helping Everton maintain their place in the Premier League, overcoming managerial dismissals, breaches of financial regulations, and points penalties in recent years.
Having earned 79 caps for England, Pickford has held the position of first-choice goalkeeper for the national team since the 2018 World Cup.
Recently, he set a new record, surpassing one established by Gordon Banks, by achieving an eighth consecutive clean sheet during the Three Lions' 3-0 victory over Wales.
His last goal conceded for England was over a year ago, occurring in a 2-1 Nations League loss to Greece.
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