They have made a breakthrough on a deal to bring Richarlison back to the club but also remain interested in getting Grealish, who spent last season on loan at the club.
Grealish had been expected to form part of a potential deal between Everton and Manchester City, with City and Tottenham previously pursuing Everton forward Iliman Ndiaye and Cody Gakpo respectively.
Last week, it appeared Ndiaye was heading to City, while Gakpo was expected to join Spurs, with Grealish potentially included in the package between City and Everton.
However, City's long-standing appreciation of Gakpo's versatility - particularly with the need for additional support for Erling Haaland - saw them accelerate their pursuit of the Dutch forward.
At the same time, Tottenham and Everton held discussions over a possible swap involving Richarlison and Ndiaye, altering the shape of the deals that had appeared likely.
Despite those developments, sources have indicated that Everton's interest in Grealish remains strong.
The Toffees are still hopeful of finding a way to bring the 30-year-old back after his successful loan spell last season. Aston Villa and Sunderland have additionally been linked to Grealish in the past week.