In a medium-size deep sauté pan or Dutch oven, heat the oil over medium heat until it reaches 365°F (185°C) on a deep-fry thermometer. Line a baking sheet with paper towels.
While the oil is heating, place the flour, egg mixture, and panko in three separate shallow dishes. Working in batches, dredge the bacon in flour, shaking off any excess, then dip into the egg. Transfer to the panko