The Guardian and the Daily MIrror both state that Everton have turned down the bid, although the latter source reports that Everton want £25m each for the two players.
There has been a feeling that Fellaini would be the easier of the two to acquire, and £25m certainly looks better business for the Belgian than it does for Baines.
There is another issue here, which is that Everton have always been a selling club. So far, they've bought players and haven't made any sales. The club simply need to make a big sale before the window ends, and David Moyes will certainly be aware of this.
With reports also coming in that Manchester United have bid for Athletic Bilbao's Ander Herrera, it seems that United may indeed be pursuing two midfielders. A lineup of Herrera and Shinji Kagawa ahead of Marouane Fellaini sounds quite exciting - which makes you wonder about David Moyes...