In September 2022, Villa were happy to spend £13m on the Belgium international, signing him from rivals Wolverhampton Wanderers.
However, the switch has not panned out as they would have hoped, Dendoncker being restricted to seven starts and 17 substitute outings in the Premier League.
A change of manager just months after his arrival did not his cause, and the 28-year-old remains very much on the periphery of Unai Emery's squad.
Since October 5, Dendoncker has been reduced to three brief appearances from the bench, but he has not featured since November 5.
As a result, it is increasingly likely that Villa will be open to offers at the midway point of the campaign as they bid to get Dendoncker off their wage bill.
Given his alleged £90,000 per week wages, Villa may have to be open to compromises in the form of a cut-price fee or loan deal until the end of the season.
According to Football Insider, Everton are monitoring the situation ahead of possibility attempting to negotiate terms.
That is despite their recent 10-point penalty in the Premier League courtesy of breaching Profit & Sustainability regulations, a punishment that they will appeal.
The link may stem from Everton's director of football Kevin Thelwell being familiar with Dendoncker from their time at Wolverhampton Wanderers.
Nevertheless, Sean Dyche could benefit from a new central midfielder at a time when there has sometimes been limited competition in that area.
Dendoncker's versatility means that he would also give Dyche the option of switching to a back three, as well as potentially invite offers for backup players in that position.
While Dendoncker has previously attracted attention from Turkey, it is unclear whether any Super Lig clubs will be prepared to reignite their interest in January.