The United States international played ten times, scoring twice, in a similar deal from LA Galaxy back early 2010, and the Merseyside club have detailed that a two-month loan has been agreed once more.
Toffees manager David Moyes admitted that he was glad to welcome the veteran forward back to England.
“I am delighted that we have managed to get Landon back. He will give us some good experience over January and February,” the Scottish coach told the club’s official website.
“He did well for us when he was over two years ago and hopefully will return with those same qualities.
“His season has just finished and like last time we need him to hit the ground running because the games come thick and fast at this time of year,” he stated.
Donovan meanwhile is also pleased with the deal, and is looking forward to competing in the Premier League again.
“The opportunity to return to Everton and play for such a well-respected club and a manager that I hold in such high regard was something that was simply too good to pass up.
“I thoroughly enjoyed my time at Everton in 2010 and I’m hopeful that we can experience similar success this time around.
“I want to thank David Moyes and Bruce Arena, as well as executives from both clubs and Major League Soccer for allowing me this unique and special opportunity,” the 29-year-old concluded.
By Gareth McKnight