The 22-year old midfielder has had a disastrous 20 months at the Etihad Stadium after joining from the Toffees for £16million in August 2012.
Ankle and hamstring injuries have restricted Rodwell to just 23 appearances in all competitions, with less than half of those appearances being starts, but Everton are believed to be keen on bringing him back to Merseyside.
It is believed that Rodwell does not feature in the plans of City boss Manuel Pellegrini which has alerted Toffees manager Roberto Martinez.
The Spaniard has reportedly already enquired about a possible 12-month loan next season while a permanent deal would suit Rodwell as he could step into the role currently held by Gareth Barry who is on loan from City.
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