The 22-year-old has forced his way into David Moyes' plans this term, holding down a position on the right wing.
United States international Donovan could be one of those placed in direct competition with him, with reports suggesting the classy playmaker could be set to return to Goodison Park for a second loan spell in January.
Coleman said in the Liverpool Echo: "I'd be delighted to see Landon back and I'm not just saying that.
"He's a good lad, and he gave the fans a lift. But I'm going to keep working hard, and if he comes good luck to him but I'll be fighting for the place.
"If he came back it might give the team a bit of an added spark again too.
"I'd be the first to welcome him back. He was very popular among the lads and was always good to me."