Sheffield Wednesday will have to fork out £1million for Everton youngster Tom Cannon if they are to secure his services on loan for the upcoming campaign.

According to Alan Nixon, the Toffees are willing to let Cannon depart again on a temporary basis this season but would require a loan fee in order to sanction any possible deal.

The Owls are one of six Championship outfits chasing the highly rated striker. Alongside Xisco Munoz’ side, in the hunting pack are Sunderland, Stoke City, Blackburn Rovers, Birmingham City and Preston North End. He spent part of last season with the latter.

Whilst at Deepdale, the 20-year-old scored eight goals and provided one assist in 21 appearances. Preston boss Ryan Lowe claimed he was ‘excellent’.

Everton Pre-Season Training Camp
Photo by Tony McArdle/Everton FC via Getty Images

Cannon is yet to score for Everton, but has made three appearances for the first team since his debut against Bournemouth in the Carabao Cup last season.

The seven-figure loan fee may stretch the potential suitors and narrow down a destination for the youngster this campaign, although it is believed that Preston are willing to go close to that price should it be based off achievements and their final league position. Stoke are also near in valuation for Cannon, with Blackburn and Birmingham perhaps priced out. Sunderland on the other hand may offer cash to buy him permanently if they raise the funds.

Is Cannon the man?

Wednesday’s stance is unknown. Currently amongst the Owls’ striking options are Lee Gregory, Michael Smith, Callum Paterson and new loan signing from Watford Ashley Fletcher.

The addition of Fletcher might be enough to knock Munoz’ men out of the race for a deal regarding the young talent, but you never know.

It is still a squad in need of bulking, though you would expect other areas of the pitch to be main focusing points for Wednesday now with the new season fast approaching.