Real Madrid are reportedly open to accepting any offers in the region of £18m for Isco.
Having fallen out of favour since the return of Zinedine Zidane, the playmaker's career at the Bernabeu has stalled, leading to frequent speculation regarding his future.
Everton are one of a number of Premier League clubs that have been linked with the 28-year-old during the past two transfer windows.
According to reports in Spain, Los Blancos officials are willing to listen to bids in and around the £18m mark as they look to raise funds.
The Toffees recently held discussions with their Real counterparts over a deal involving James Rodriguez, which may work in their favour during any negotiations.
Isco has been restricted to 261 minutes of football in La Liga this season.
