The Blues have needed to have their eyes on a left-back for some time, with no natural successor to Leighton Baines currently at the club.
Fabra, 27, is an attack-minded left-back from Colombia who has rose to prominence in South America over the past few years as his performances earned him a move to Boca.
According to the report from El Crack Deportivo, Sam Allardyce’s side face competition from Napoli for the signature of the left-back as he seems to be set to depart South America following the upcoming World Cup.
Fabra has made 17 appearances for his home country and was a mainstay in the squad during their World Cup qualifying campaign.
The Colombian is also said to be of interest to AC Milan and Arsenal in the report but Everton have already reportedly contacted the 27-year-old with regards to transfer post-World Cup.
He has made 19 appearances for Boca this campaign, finding the net on two occasions.
Everton have needed to find a left-back for some time and the difference that Baines makes has been seen since his return to the side in the last fortnight.
Cuco Martina, a naturally right-sided defender, attempted to fill in for the long-time Toffees defender and tried his best but ultimately fell short of the standard needed to help the Blues compete in the Premier League.
There were also calls for the inclusion of Luke Garbutt to the first-team squad. Garbutt showed flashes under former Everton boss Roberto Martinez but had since departed on loan a handful of times and struggled to impress.
He was registered to the Premier League squad list by Allardyce but has yet to make an appearance - and it’s unlikely that he will.
The Blues were also interested in moves during the January transfer window for Juan Bernat of Bayern Munich and Luke Shaw but did not pursue either move much further than exploratory talks.