The Liverpool Echo says the Toffees are currently haggling with Turkish champions Fenerbahce over their reported £6m price-tag for the experienced 30-year-old, and Amokachi fears Yobo is being under-priced.
"I am amazed when I read stories about his value being £4m or £6m," he said. "That is too cheap for me - the guy is Nigeria's captain, and a good centre half. Everton should be asking for £8m.
"Maybe clubs are playing games because they know David Moyes needs the money quickly.
"He has done very well in Istanbul and when the fans love you over there, they really love you.
"Sometimes players fade out of their manager's thoughts and that had happened at Everton for Joseph. That's a shame because he wants to play, not sit on the bench."