The Toffees are understood to have made an initial approach for the Argentine international, but their valuation is some way off of the Liga giants’ demands.
A number of Premier League sides, including Sunderland, have been linked with Banega, who is expected to be on his way in the coming months after falling out of favour at Los Che.
The 25-year-old has long been seen as an emerging star, but the Spaniards are understood to have grown frustrated with his lack of development, with a botched loan spell in his homeland at Newell’s Old Boys for the latter half of last season having served as the final straw.
With Gareth Barry looking unlikely to return to Goodison Park after spending 2013/14 on Merseyside, Roberto Martinez is keen to bolster his options, and sees giving Banega a chance as a good option.
The classy playmaker has earned 24 international caps, but missed out on a spot in Argentina’s World Cup squad.