Carlo Ancelotti would like to bring James Rodriguez to Everton and has discussed the move with the club's board.
But a deal for the Real Madrid playmaker would be difficult for the Blues to pull off given the 29-year-old's wage demands.
Everton are also are focused on their transfer priority - central midfielders - and talk of signing Rodriguez is only at the preliminary stage.
The Spanish giants are keen to get Rodriguez off their books this summer and the Colombian wants to be reunited with Ancelotti after the pair worked together at Real and Bayern Munich.
Everton have discussed the finances involved in bringing the player to Goodison and it is understood that if the Blues decided to press ahead with trying to sign him on loan then they would still need Real to pick up part of his salary, which is reported to be in excess of £200,000-a-week, to make the deal work.
Rodriguez, who joined Real for £63m, is into the final year of his contract at the Bernabeu.
Everton are searching for a left-footed winger who can operate on the right hand side and Rodriguez fits the bill, with Ancelotti making no secret of how highly he rates the player, but the money involved remains the key sticking point at present.
And so the Blues will continue to keep tabs on Rodriguez's situation but they have alternative targets for the position and remain focused on offloading unwanted players and then pressing ahead with bringing in midfield reinforcements - the key area in need of strengthening this summer.
Napoli's Allan and Watford's Abdoulaye Doucoure are the manager's main targets and all efforts are going into bolstering the weakest area of the team.
Everton have put signing a new centre-back on the back burner for the time being but are in need of a back-up left-back following the retirement of Leighton Baines.
The club have discussed potential right-back targets, should Jonjoe Kenny be sold, but Ancelotti is currently planning for the 23-year-old to fight it out with Seamus Coleman for the shirt next season.
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