The former Arsenal midfielder is currently working at Manchester City, and Tottenham Hotspur have reportedly tried to snare him more than once.
Bill Kenwright was reportedly keen to bring Mikel Arteta back to Everton.
Rangers are searching for a new manager after sacking Pedro Caixinha.
Everton endured an eventful summer window ahead of the 2004/05 Premier League season.
Rangers new boy Jon Toral isn't the first Spaniard to play for the Ibrox club.
Rangers have snapped up Arsenal playmaker Jon Toral on loan until the end of the season.
Glasgow Rangers boss Mark Warburton has previously worked with the Arsenal youngster during their time together at Brentford.
From their record sale to a long-serving unsung hero, The Toffees have used the winter window well over the years.
While the Spanish national team may not have rewarded Mikel Arteta with international recognition, he certainly earned the admiration of his team-mate.
The Citizens are reportedly set to go on a big money push for three stars, including Arsenal's 21-year-old.