The 30-year old USA international has impressed on two previous loan spells at Goodison Park and has been told by the Toffees that he can come back at any time.
However, Donovan suggests he could go travelling in the MLS off-season to reassess where he is at in his career with retirement from the game a possible option.
"Right now, I need time to think and that is impossible to achieve while I am playing," he told ESPN.
"I need to determine if I want to play, and if the answer is yes, I need to work out where and for how long.
"I plan to spend a lot of time travelling to distant places, alone. I am not sure where.
"I want to take time to have some freedom and not worry about my next game or being fit. It may take me two weeks, two months or a year.
"I don't plan on worrying about the end result. I want to focus on being present and making the decision when I am ready.
"I am at a point where I realize that if I am to come back I need to do so with the right mindset."
"Everyone was so unbelievably welcoming, from Mr Moyes to the tea lady. I have such affection for the club.
"But I've struggled with motivation at many points in my career. I've had times where it all came easily but there have been stretches where I have questioned it.
"I have some selfish things I need to do, and I have some things to work out. While most soccer fans think a player's life is easy as we just seem to play soccer all the time, they don't see how many milestones I have missed with my family.
"My family want me to either play and be happy or else to have their son and brother back."