The 21-year-old winger has struggled for playing time at the Toffees so far this season following a successful loan spell at RB Leipzig during the second half of the 2017-18 campaign.
The England Under-21 international – who earns £23,000 per week as salary, according to Spotrac.com – has made just one start and 10 substitute appearances in the Premier League for Everton so far this season, providing one assist in the process, according to WhoScored.
The winger, though, said this week that he is happy at Everton, which will come as a blow for Southampton.
Lookman told The Liverpool Echo this week regarding his situation at Everton after returning from Leipzig: “It was just one of those cases. I wasn’t unhappy.
“I had no choice but to work hard. It’s my job. I love to do it wherever I am. I have to work hard. I’m happy here.”
Given that Southampton are in real danger of getting relegated to the Championship at the end of the season, it is quite ambitious of them to (reportedly) try for Lookman, who is one of the best young players around.