The 17-year-old will join the Premier League side on loan until the end of the season.
“Eric Dier, central defender of the Sporting Lisbon junior team, has joined Everton on loan until June 30, 2011,” read a statement on Sporting’s official website.
“This is an opportunity for him to grow in a competitive and more demanding environment.”
Dier has been linked with the likes of Manchester United, Tottenham and Arsenal in the past, but his current contract at Sporting Lisbon is set to expire in the summer of 2013.