Jo joins Everton for rest of season
Officials from the two clubs met in Manchester on Saturday, and Jo agreed personal terms thereafter.
Jo became something of an £18m misfit at Manchester City, since his pre-season arrival from Russian side CSKA Moscow.
The 21-year-old made 12 starts for City, scoring three goals, but has lately fallen out of favour with manager Mark Hughes.
His arrival is timely for Everton, who have been having to play Australia midfielder Tim Cahill up front as a lone striker because of injuries.
Toffees forwards Yakubu and James Vaughan are already out for the season, while Louis Saha is currently recovering from a hamstring problem.