Donovan has enjoyed two spells on loan at Goodison Park and has never hidden his love for the Toffees.
He told FIFA's website: "I would absolutely like to come back. There's no question about that.
"And I know I will be back at some point. Now, whether I'm back as a player or just as a fan, who knows?
"Right now, my focus is obviously on this season and qualifying for the World Cup. It's a big, really important year, and then we'll see what happens.
"I've always said the same thing: I'll see how my body feels, I'll see how I feel mentally, I'll see where the Galaxy are at and what they're okay or not okay with and then we'll make a decision."