The Toffees have had the first option on the 18-year-old since July, which allows them to sign him should a work permit be granted.
Abdullayev told current club Neftchi Baku's official website this week of his 'pride' and 'joy' at the move.
However, an Everton spokesman told the Liverpool Echo: "We still have first refusal but there has been no decision yet on whether to exercise that option."
Meanwhile, a spokesman for Neftchi said: "Officials from the English club will visit Baku soon and the contract will be signed here in our capital."
Two players who may be temporarily making their way out of Goodison Park on loan are Shane Duffy and Jose Baxter.
The duo remain highly rated by manager David Moyes but the 18-year-olds could be allowed to leave to get some first-team experience under their belt.
Defender Duffy is close to full fitness after suffering a freak life-threatening injury back in May, while midfielder Baxter has reportedly caught the eye of Championship side Scunthorpe.
On Duffy, Moyes said: "I'd like to put Shane out on loan. We've been keeping an eye on him at first (since his injury) and keeping him indoors.
"He's very good in the air though, and could have come on against Crouch (at White Hart Lane). If we find the right club he could go on loan."
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