Traore, 23, is set to deputise at Goodison Park for injured Belgian striker Romelu Lukaku who faces several weeks out with ankle ligament damage.
"I am delighted to be at Everton. Their style of play should suit my technical ability and they have the chance of European football next season," he told reporters.
"I was close to joining West Ham and some other clubs, but I prefer Everton's passing game."
Coach Roberto Martinez, having to boost his men following their 4-0 Premier League defeat at Liverpool on Tuesday, said he did not expect to make any more signings before the transfer window ends on Friday.
Everton also added Aiden McGeady on a permanent move from Spartak Moscow earlier this month and Martinez replied "I don't think so" when asked if the club were planning any more moves.
Everton have confirmed central defender Sylvain Distin has signed a one-year contract extension which will keep him at the club until the summer of 2015.
(Reporting by Mike Collett; editing by Justin Palmer)
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