The former Liverpool player becomes manager Frank Lampard’s fourth summer signing and has left Molineux in a bid to preserve his hopes of making England’s World Cup squad after losing his place in Bruno Lage’s team.
Coady joins as an answer to Everton’s defensive injury problems, with Ben Godfrey ruled out for three months with a broken leg and Yerry Mina awaiting a specialist’s verdict on how long an ankle problem will sideline him.
Lampard, who wanted more leaders in his side, feels he has got one of the most dependable centre-backs in the division in the vocal Coady.
He said: “We are delighted to bring a player of Conor’s quality and vast experience to Everton and he fits into how we want to play as a team.
“As well as being one of the Premier League’s most reliable defenders and an England international, his leadership skills will be of huge benefit to us, too.”
Coady, who made two appearances for Liverpool after coming through their youth system, said: “It’s incredible to join Everton. As soon as I heard the interest, from the manager but also the football club itself, I really wanted to be part of it straight away. I’m over the moon to join.
“I’ve grown up around the city, I know the football club, how big this club is and what it means to the supporters. I’m someone who was desperate to come here, to play for this club. I’ve got family and friends who are massive Evertonians.”
Coady is reunited with former Wolves team-mate Ruben Vinagre, who also joined on loan, at Goodison Park as half of Lampard’s summer recruits know director of football Kevin Thelwell from his time at Molineux.
Lampard has also signed centre-back James Tarkowski and winger Dwight McNeil from Burnley. Everton are also closing in on a move for Lille midfielder Amadou Onana, who has had a medical at Goodison Park.