Pickford was one of the few shining lights of Sunderland's campaign as they were relegated from the Premier League, and he was immediately linked with a high-profile switch this summer.
Arsenal were credited with an interest in his signature, but Everton have been keen on the England Under-21 stopper for some time after neither Maarten Stekelenburg nor Joel Robles made the number-one position their own this season.
The 23-year-old is currently on international duty at the Under-21 European Championships, but he has been able to complete a medical and pen a five-year deal with the Toffees.
It has been reported that Pickford will cost in the region of £30m, with £25m said to be up front and the rest being paid in add-ons and clauses.
Pickford leaves the Stadium of Light having made 35 appearances in all competitions, while he has also had loan spells at the likes of Preston North End and Bradford City.