The Switzerland international moved to the Stadio Giuseppe Meazza in January, but has since struggled for his best form and is reported to have fallen out of favour with Roberto Mancini.
With the Serie A side on a spending spree this summer, they are ready to offload the Swiss winger in an attempt to balance the books - only six months after he penned a four-and-a-half year deal with the Nerazzurri.
The Liverpool Echo claim that Everton boss Roberto Martinez’s is a fan of the 23-year-old and wants to bolster his options on the flanks by bringing the former Bayern Munich man to Goodison Park.
Newcastle meanwhile have been busy in the transfer market of late and are supposedly eyeing Shaqiri as a potential new addition to complement deals for Georginio Wijnaldum and Aleksandar Mitrovic.
The report also suggests that Bundesliga side Schalke are the frontrunners for Shaqiri’s signature, but as yet nothing has been agreed.
Shaqiri has proven at Basel, Bayern and for Switzerland that he is a unique talent and would an exciting addition to Premier League football.