The 22-year-old scored five goals in 14 appearances for the Eagles, including a first senior hat-trick in a victory over Portsmouth in September.
That could be good news for Everton boss David Moyes, whose strikers have struggled in front of goal this season, but Palace would be keen to have him back.
Palace boss George Burley said: "James Vaughan is going to be badly missed. We were trying to bring in a striker before the deadline last month but we weren't able to do that.
"There is a chance we could bring him back in January but that's between the clubs and James himself. I've had a chat with him."