Everton manager Carlo Ancelotti wants a reunion with James Rodriguez.
Real Madrid boss Zinedine Zidane wants a clear-out of his squad this summer, and the Colombia international is expendable.
Ancelotti worked with Rodriguez for one season at the Bernabeu in 2014/15.
The 27-year-old has one year remaining on his contract, and Marca says the Toffees want to start negotiations to acquire his services.
Ancelotti attempted to sign James last summer when he was manager of Napoli.
Arsenal and Wolves are also interested in the former Porto man.