The League Two side will receive a compensation package for the youngsters, who impressed Everton boss David Moyes during a pre-season friendly.
Cheltenham chairman Paul Baker told the Liverpool Echo: “It’s nothing like the Jamie Edge deal, which I think was a one-off, but it’s a good financial deal for the club.
“I know the boys and their parents have been up to Everton to sort out the educational aspects of the move. They are two young lads so it’s important that things are all done properly and there has been a lot to get right.
“But it’s all been sorted out and it just needs to be signed off by the Premier League.”
