The Chilean is leaving Manchester City at the end of the season.
The Chilean is set to leave Manchester City in the summer, as Pep Guardiola takes over the reigns at the Etihad.
His future is as yet unknown, with a return to Spain having been mooted but the manager also reportedly keen on staying in England.
One possible destination could be Everton should they decide to sack Roberto Martinez following another disappointing campaign.
Merson though, says that they would have to prove there is money available to spend before he would consider the move.
“It depends on how much money these new owners offer,” he told Soccer Saturday.
“You can have a lot of money, but it doesn’t mean you’re a spender. It all depends on these owners, are they going to go in their and say ‘go and get Walcott or Oxlade-Chamberlain, they’re better than what we’ve got’.”
“A manager would go in there, and why wouldn’t Pellegrini? But there’s no point if he hasn’t got any money as you’re back at square one again.”
For now, Everton must consider whether to keep Martinez or sack him following a poor campaign from his side.
The Blues are currently 11th in the table, a position far below where many believe they should be given the overall quality in the squad.
The blame has been laid firmly at the feet of the manager but so far the board has refused to remove him from his position despite the fans calls for a change to happen.