The teenage striker has put pen to paper on a two-year contract at Goodison Park on Wednesday that will see him represent the Blues until June 2023.
Cannon, who joined Everton Academy aged ten, was in prolific form for the Toffees Under-18s last season and has made the leap up to the Under-23s in the current campaign.
The teenage hitman vowed he will keep on repaying the faith shown in him by Everton having handed him his first professional contract by giving his all on the pitch.
Cannon also expressed his gratitude to all the coaches who have helped him so far in his Everton stint, and stressed it is a proud moment for him and his family.
“It is a proud moment for myself and my family to sign this contract”, Cannon told Everton’s official site.
“To come through the academy system and sign professionally is an amazing feeling.
“Through all the ranks and all the age groups, each coach has helped massively in my progression.
“I’m very thankful for that and I’ll aim to keep repaying the confidence the club has shown in me.”
Cannon will be determined to kick on with his development in the Under-23s and possibly catch the eye of first team boss Carlo Ancelotti.