The 22-year-old spent the second half of last season at Fulham but returned to Stamford Bridge this summer without having scored a goal for the Cottagers during his brief spell.
Monaco had been interested in the Albania international, while a clutch of Premier League clubs had considered a move earlier this summer.
Newly promoted Ipswich looked to have have won the race but the move collapsed due to a failed medical and talks could not be resurrected. The move to Goodison Park is believed to include an option to turn the deal into a permanent arrangement next summer for around £30m.
Broja is a graduate of the Chelsea academy and made his debut in 2020 before spending time on loan with Vitesse and Southampton. In total, he scored 3 goals in 38 appearances for his boyhood club.
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