The 76-cap Colombian international was on loan at Bayern Munich last term but he has returned to Real Madrid. Since then, he has failed to earn a regular starting berth under Zinedine Zidane.
The midfielder is 28 and he needs to play regular first-team football at this stage of his career. Perhaps another move away from Bernabeu would be ideal for him.
According to Daily Mirror, Everton are plotting a loan move for the playmaker. The report adds that Everton believe they have a good chance of getting the deal done (on loan).