Lescott is being put up for sale by City this summer.
Stuart told the Liverpool Echo: "I think he's got plenty to offer. He's probably going to carry on playing for England and there's no doubt he's one of the top six centre backs in the country. His only problem will be not playing regularly at City.
"If he knows Everton are back in for him I'm sure that would really entice him. They say don't go back, but Everton is a massive football club and the type of club where you can't help wanting to come back. Howard Kendall did it three times. You know you get looked after.
"Joleon was very popular with the boys here, and still is by all accounts. I'm sure that deep-down the fans would recognise their club got a great deal even though he left. Hopefully if the money was right and he did come back it'd be another great deal to get him."