It is understood that this particular deal would have only included an obligation to purchase Cornet if Everton end up avoiding relegation to the Championship next year.
The Clarets will only be willing to part ways with Cornet this summer if they receive an offer believed to be in the region of £18m from elsewhere.
The Ivory Coast international is not actively pursuing a move away from Turf Moor this summer despite the fact that he is attracting interest from the Premier League.
As well as being a target for Everton, Cornet has recently emerged on Chelsea’s radar.
According to The Athletic, the Blues could turn their attention to signing Cornet if they miss out on other targets.
With Burnley set to face Huddersfield Town in the Championship on July 29th, they will be hoping to turn to Cornet for inspiration in this particular fixture.
Quiz: Can you name which club these 27 ex-Burnley players are playing for now?
Burnley have made the right call by snubbing this proposal by Everton as loaning out Cornet in the upcoming campaign would have been an odd decision.
Unless a club is willing to match Burnley’s valuation, the Championship outfit should be looking to keep the winger for the 2022/23 campaign.
Having recorded a respectable WhoScored match rating of 6.69 in the Premier League last season, it wouldn’t be at all surprising if Cornet sets the second-tier alight with his attacking displays later this year.
By adding some more fresh faces to his squad between now and the end of the window, Burnley manager Vincent Kompany could potentially guide the club to a great deal of success in the Championship in the opening stages of the new term.