The Toffees confirmed on Friday that they had formally lodged their appeal with the chair of the Premier League’s judicial panel, with an appeal board now set to be appointed to hear the case.
Everton were deducted 10 points with immediate effect by an independent commission on November 17 after being found to have breached the Premier League's profit and sustainability rules.
The club said they were "shocked and disappointed" by the punishment, which they called "wholly disproportionate and unjust" as they stated their immediate intention to appeal.
The largest sanction in Premier League history plunged Sean Dyche's improving side from 14th in the table and eight points clear of the relegation zone after 12 games to suddenly 19th and two adrift of safety - off the bottom on goal difference only.
Thousands of Everton fans staged protests against the decision before last weekend's 3-0 home defeat by Manchester United at Goodison Park, with the Toffees now five points in the mire ahead of a key clash away at Nottingham Forest on Saturday.
Confirming their appeal on Friday, Everton said in an official statement via the club website: "Everton Football Club has today lodged with the Chair of the Premier League’s Judicial Panel its appeal of the decision by a Premier League Commission to impose a 10-point deduction on the Club.
"An Appeal Board will now be appointed to hear the case."