Ronald Koeman is finally expected to be confirmed as Everton’s new manager on Tuesday.

Koeman has signed a three-year contract, worth £6million per season, and he will be given the biggest transfer kitty in Everton’s history to revamp a squad that failed to fulfil its potential under Roberto Martinez.

The Dutchman had enjoyed two excellent seasons with Southampton and would have had a European campaign on his agenda in the forthcoming campaign but he found it impossible to turn down the overtures of Everton’s major investor Farhad Moshiri.

Everton are finally set to announce Ronald Koeman as manager on a three-year deal on Tuesday

Koeman could not turn down the overtures of Everton's majority shareholder Farhad Moshiri this summer

Martinez was sacked on May 12 after results had spiralled and Koeman quickly became the prime target for Moshiri, who acquired a 49.9 per cent controlling stake in Everton on February 27 and has been determined to make a statement.

Everton spoke to a number of other candidates – including former Manchester City boss Manuel Pellegrini, David Moyes, who spent 11 years in the Goodison hot seat between 2002 and 2013, and ex-Ajax manager Frank De Boer – but it soon became a two-horse race.

The main rival to Koeman was Unai Emery and Everton held significant discussions with advisors of the three-time Europa League winner at the end of May to see whether he would consider a switch to the Barclays Premier League.

Emery, however, had second thoughts about meeting Everton’s hierarchy in person and, aware that an alternative offer from Paris Saint-Germain was floating in the pipeline, he dropped out of the race.

Roberto Martinez was sacked by the Toffees days before the final game of the season after a dismal run

Unai Emery was another Everton target but got cold feet and is now instead expected to take charge at PSG

When Emery got cold feet, that merely stiffened Everton’s resolve to get Koeman and he informed Southampton at the beginning of June that he wanted to talk to Moshiri.

That left Everton with the task of agreeing a £3.5million compensation package with Southampton. Koeman – who will be joined on Merseyside with his brother and assistant, Erwin – had 12 months remaining on his terms but that was not going to be a stumbling block for Moshiri. It remains to be seen whether goalkeeping coach Dave Watson or Sammy Lee will join the coaching staff.