The 32-year old LA Galaxy forward has had two previous loan stints with Everton - in the winters of 2010 and 2012 - but has confirmed that any future return to the UK is now likely to be out of the question.
"I think that chapter's probably over," he told reporters after LA's training session Monday morning at StubHub Center.
"I'll certainly be back - I doubt as a player - but as I've said many times, Everton grabbed a big part of my heart, so I'll be back at some point."
The Galaxy take on Manchester United in a friendly on Wednesday and Donovan admits he feels for his former Toffees boss David Moyes who met his demise as United manager after less than a season in charge.
"It was hard for me to watch last season, because I was pretty close to David Moyes when I was at Everton, and I was rooting for him to do very well," he added. "It was a little bit difficult to see them struggle.
"I have no doubt that, eventually, he'll land on his feet. He didn't become a terrible manager because of one season. He's built a great reputation for a reason, and I think he's an excellent manager."
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