The Premier League received an anonymous tip-off last month and the incident is now being thoroughly investigated.
According to the Daily Mail, Waldron allegedly broke the rules when he approached the Cardiff City starlet.
He supposedly contacted the youngster's family "towards the end of his under-11 year or early in the under-12 year."
And it states that the boy was offered a place at a school associated with the club and promised "full costs paid for a rented house and a family allowance cash payment of £600 per month."
But the transfer allegedly fell through when the academy chief found out that it would not comply with "international clearance rules."
He has been accused of leaving the youngster in "limbo" and "unable to play" academy football.
The schoolboy never joined the Toffees, but now plays for Manchester United.
If the investigation finds Everton to be guilty, the club could be struck with an academy transfer ban.
The Telegraph have revealed that Waldron has been previously questioned by the English league over his recruitment of other academy players.
Everton have not made a comment about the case, but have claimed that they will co-operate fully with the Premier League investigation.
The club are already under investigation for allegedly making an illegal approach for manager Marco Silva when he was at Watford.
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