Bowler did not play the Toffees first team after a £1.5m move from QPR in 2017, but was part of their under-23s who won the Premier League 2 title.
"As a player, you want to test yourself at the highest level, and this is a great opportunity for me to do that."
"He's a player who Everton invested in from QPR at the age of 18 and is very good in the final third, where he's capable of adding goals and assists to the team," said manager Neil Critchley.
"Now 22, he's joins us at a good age and with room to develop and improve his game further. He's had previous Championship experience with Hull, and we believe he can come here and fulfil his potential."
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