The Argentine has struggled at Fiorentina since leaving West Ham.
The Toffees youth manager has overseen a remarkable number of youngsters make the step up to the first team in just two years.
The Owls will take on either Middlesbrough or Brighton & Hove Albion.
The Spaniard featured for the Gunners' under-21 side this week.
The Foxes are set to bring in some new faces this summer ahead of a Champions League campaign.
The Sunderland left-back points to the Black Cats' fate being in their own hands.
The Arsenal midfielder has been named as the club's Player of the Month.
The 29-year-old has not played for the Premier League side since January.
Robert Tesche spent time on loan at Birmingham City from Nottingham Forest last season.
Tottenham Hotspur's draw with Chelsea caused them to draw 2-2.