Although both players have made appearances under new Los Blancos boss Carlo Ancelotti, neither of the duo have a long-term future at the Bernabeu.
Isco's contract is due to expire next summer, while Jovic has been frequently linked with a move elsewhere after failing to make an impact since his £54m move in 2019.
According to Defensa Central, Everton boss Rafael Benitez is interested in signing the attacking pair at the midway point of the campaign.
Despite Real allegedly being keen to push through a double-deal, they may have to reach a compromise with Everton given the Premier League's side recent issues with FFP.
However, James Rodriguez's September exit from Goodison Park has freed up considerable space on the Merseyside outfit's wage bill.