The midfield was destined for a permanent transfer to Goodison Park in the summer, however after protracted negotiations with the Premier League, Everton were unable to secure the player to a contract due to technicalities over third party ownership.
The player has since been no more than a squad player at Estadio Mestalla, having only made a handful of appearances for the side since his summer move, which appeared to be negotiated hastily.
However, top pundit Guillem Balague in his usual spot on Sky Sports' La Liga coverage has indicated that manager Ronald Koeman will look to offload the midfielder.
Incidentally, the two fell out earlier in the player's career whilst at Benfica, and this is said to have contributed towards Koeman's desire to offload Fernandes, with Everton rumoured to be his preferred destination should a transfer be granted.
Balague also hinted that defensive midfielder David Albelda will also look for a move in the winter transfer window, and that Everton are among a number of clubs keeping tabs on the Spaniard.