Everton reportedly agreed on a deal in principle with Manchester United to sign striker Ethan Wheatley for a fee of around £2m, according to the Daily Mail.
The Toffees ultimately decided to pull the plug on the agreement, opting instead to invest their transfer funds in other areas of the squad.
Everton had moved to reinforce their attacking options last summer by signing Thierno Barry, who endured a difficult debut campaign in the Premier League before this term.
Barry has since enjoyed a promising start to the current season, registering five goal contributions across just three matches for the Merseyside club.
Beto had previously served as the backup striker option under David Moyes, but the 28-year-old departed for Fiorentina on transfer deadline day, leaving a gap in the squad.
Everton pushed hard to find a replacement, coming close to signing Folarin Balogun from AS Monaco before that deal eventually fell through.
The club also attempted to bring Joshua Zirkzee in from Manchester United, but United refused to sanction the move late in the transfer window.
It has now emerged that before pursuing either Balogun or Zirkzee, Everton had already agreed on a deal in principle with United to sign Wheatley, only to back out at the last moment.
Wheatley, who stands at 6ft 2in tall, is a right-footed towering centre-forward described as quick, good in the air, capable of linking up play, and hardworking without possession.
The 20-year-old has since joined Lincoln City in the Championship on loan, with his existing contract at Old Trafford running until 2028 and United holding an option to extend for a further year.
Everton have addressed their attacking depth this summer by bringing in Brennan Johnson and Tyrique George, while Jack Grealish joined on loan from Manchester City on deadline day.
As part of their summer reshuffling, the Toffees allowed Iliman Ndiaye to move to Manchester City in the opposite direction.
Moyes currently finds himself without a natural striker to support Barry, a situation that could prove costly given the demands of a Premier League campaign.
Following a 1-1 draw against AFC Bournemouth last weekend, Everton are set to face Manchester United at the Hill Dickinson Stadium on Sunday.