The 15-year-old midfielder will cost Everton an initial £65,500 fee, which could rise to £1.3million depending on how many first-team games he plays for the Premier League side.
Transfer Window Review: Everton
Cobblers’ Academy boss Trevor Gould said they had “mixed feelings” about the player’s move.
“He is going to a fantastic club with a proud record of producing young players,” he told the BBC.
“Not only are we producing players for our own first team, we are producing players who are attracting the interest of Premier League clubs and that is a massive endorsement of our work,” added Gould.
“Seeing any local player have the opportunity to develop at a Premier League club is exciting and we wish Fraser every success.
“We always want to keep our best players, but under the EPPP if a player is wanted by a Premier League club then it is just about impossible for us to resist, given the processes set out as part of the EPPP.”
The EPPP was voted in by English clubs in 2011 to replace the old system and allows clubs to buy young players from lower leagues for a set fee, rather than going through the rigmarole of a tribunal.
Everton will pay Northampton £150,000 for every ten games Hornby plays in up to the 60-game-mark. After that, they will pay £100,000 for every 10 appearances up to 100, at which point they will no longer owe money for the 15-year-old.
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