Goal revealed on Wednesday that a deal for the Croatia global was nudging Bakayoko towards the exits, with the Frenchman in talks with AC Milan a year on from a £40 million ($52m) move from Monaco.
Kovacic joins the club as part of the deal that sees Thibaut Courtois complete his move to Real, subject to the agreement of personal terms and a medical.
Liverpool have been the biggest spenders, Arsenal did their business early, Chelsea came up on the rails late while Manchester United and Tottenham Hotspur have endured frustrating summers.
Chelsea midfielder Tiemoue Bakayoko is continuing to edge towards a move to AC Milan.
The player is not expected to feature as a regular under Maurizio Sarri and has been allowed to leave the club on loan.
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Liverpool face West Ham on Sunday at Anfield and might be without Fabinho who felt ill and was sent home. There would always be a point where we spent a bit more money.
He signed Jorginho from Napoli in a five year deal valued around €57 million, while Mateo Kovacic joined on loan from Real Madrid.
"A few other clubs in the Premier League also interested in him".
Bakayoko joined the Premier League side last summer as a replacement for Nemanja Matic, but doesn't fit into his manager's plans this term. Yet he was not able to satisfy the Chelsea bosses of his reliability as he had a dodgy first season.
"Also in the Chelsea defence Kurt Zouma, who was on loan at Stoke last season, a few clubs trying to sign him as well".
With Milan leading the race for Bakayoko, Everton's interest appears to be dependent on whether or not they land Zouma.