Everton have agreed a fee with Scottish champions Rangers for the transfer of Croatia striker Nikica Jelavic to the Premier League club.
The fee is believed to be around £8 million with the Jelavic arriving at Goodison Park to undergo a medical and discuss personal terms on Tuesday morning.
The Toffees emerged as clear favourites to land the highly-rated Jelavic after West Ham manager Sam Allardyce confirmed that his Championship side had dropped their interest in the 26-year-old after having a £7 million offer rejected.
Allardyce said: "If I'm led to believe where it is at the moment, for us it was too expensive - full stop."
The Hammers' bid was similar to a bid rejected from Leicester City in the summer and Jelavic will now hold talks over personal terms with Everton ahead of the 23.00 GMT transfer deadline.
Everton have not paid a significant transfer fee since the summer of 2009 due to financial difficulties but Moyes is thought to have money available following the sale of Diniyar Bilyaletdinov.
The Russian winger joined Spartak Moscow at the weekend for an undisclosed fee reported to be around £5 million.
As well as looking to complete a deal, Moyes must prepare his side for Tuesday night's visit of Premier League leaders Manchester City.
Everton have a fine record against City having lost just one of the last 13 league meetings between the sides at Goodison Park.
But Moyes concedes that will count for little with City 28 points better off than his 14th-placed side.
Moyes said: "Over the years we have always had quite a good record against Manchester City.
"The difference is they have improved, and they have improved from last season. You can see that from their league position.
"We are coming up against a far better, far greater Manchester City side than even we played last year.''
Donovan should feature after impressing in last Friday's FA Cup fourth-round win over Fulham by creating both goals.
The 29-year-old American is a big favourite at Goodison after an impressive stint in 2010 but there is no prospect of him extending his latest loan from Los Angeles Galaxy beyond the end of next month.
Moyes said: "It is completely out of the question. He is going back to the Galaxy and we will always be thankful for the short time we have been with him. We will continue to enjoy the next month or so.''