The Toffees have been in pursuit of the Standard Liege striker in recent weeks but manager Ronald Koeman has dropped the interest by revealing that he does not believe the Algerian can add any value to his squad.
Asked of the Belfodil situation, the Dutchman said: "Belfodil was one of the players on our list but in the end we decided not to go get him.
"We are still hopeful of bringing more players in but only if they make the team stronger.
"We do not need to sign anyone to add to the numbers, because that is not what I like.
"It is sometimes difficult to sign players at this stage of the season but maybe there is a situation where we can't sign the player we want now but we can in the summer."