Toffees chief Roberto Martinez is believed to be ready to snap up a number of players in the coming months, and has made finding a replacement for Gerard Deulofeu a priority.
The young Spaniard spent last season on loan at Goodison Park from Barca, and was impressive through much of that time.
But Everton will be without the winger for 2014/15, with the Catalans having opted to take him back, and Martinez is now looking into bringing Tello in to replace him.
The 22-year-old is set to drop further down the pecking order now Deloufeu is back after spending last term behind the likes of Lionel Messi, Neymar, Pedro and Alexis Sanchez.
Liverpool are also in the battle, but Everton’s positive relationship with the La Liga giants may be enough to out them ahead of their rivals.
Martinez may look for a loan deal for Tello, which could appeal to Barca as any progress the player makes would increase his value or build him up for a return to their own first-team.
Alternatively a permanent switch could be workable, with the youngster rumoured to be available for around £8m.