Barry was allowed to leave Manchester City on loan in the summer despite playing a pivotal role in the side’s success in recent seasons.
Since arriving on Merseyside, the England midfield man has impressed and is now a key player in Roberto Martinez’s improving Toffees side.
While he is happy to wait until the summer to make a decision, Barry is hopeful that if he impresses Martinez he can get a long term deal at Everton.
“Personally, it’s a really strange situation; I’ve never had it before,” Barry told Everton’s official website.
“In January you can start discussing your future for next season but I think the club made it clear that they would probably like to discuss things at the end of the season and if I put in fantastic performances from here until then, then that puts me in a good position.
“I’m really enjoying it and I’m as excited now as when I signed because I’ve got a feel for the club, I’m enjoying working under the manager and the coaching staff here, the training is fantastic and the style of play the manager wants us to play is really enjoyable, so I’m really excited for the rest of the season.
“A lot of people have spoken to me and said you could have so many options going into your last year but, for me, now it’s just about playing for Everton, keeping a good run of form going and taking it from there.”