The club wants to reward the Super Eagles star for his impressive performances this season.
According to manager Frank Lampard, the Toffees have already started talking to Iwobi representatives.
“I know Kevin Thelwell is talking to Alex’s people on that front, so we’ll see how it plays out,” Lampard was quoted by England-based journalist Richard Buxton as saying.
Lampard praises Iwobi and demands more
The 26-year-old has had a blast since Frank Lampard’s arrival at Goodison Park in January.
Before becoming manager of the club, Iwobi struggled to justify the huge money the Toffees paid to keep him away from Arsenal.
However, after Lampard’s arrival, the Nigerian international has looked rejuvenated and is once again enjoying his football.
Iwobi has been one of the standout players so far this season despite playing in an unfamiliar role in central midfield this campaign.
But according to his manager, Lampard, he always believed the Super Eagles star, whom he describes as one of the best midfielders in the league, could always be dangerous in a central role and wants to see more.
“He’s one of the best midfielders in the league in my opinion, in terms of being a six [or] eight”, Lampard said in his press conference prior to the game against Tottenham.
“His development has been brilliant. I think there was a perception of Alex before I came on. I felt and always saw that he could be dangerous in midfield… the rest is him. I just want more of him because of what has in terms of attributes,” he added.
Iwobi has been involved in four goals this season for Everton in nine appearances and on Sunday opened his tally for the season with an impressive effort against Manchester United at Goodison Park.