The Belgium worldwide joined the Spanish club on a season-long deal but has scored just three goals in 23 appearances.
The striker's potential availability comes after Valencia sporting director Mateu Alemany confirmed that the 25-year-old's season long loan at the club was to be terminated early.
Batshuayi joined Chelsea from Marseille for £33million in July 2016, becoming the first signing in Antonio Conte's reign.
"Batshuayi's situation is very clear", Alemany said on Thursday.
The Belgian striker has struggled to make an impact since moving to the Mestalla in the summer, only scoring one goal in 15 appearances in the Spanish top flight. Though several clubs are thought to be keen, the Toffees have the financial power to meet our loan fee demands, and of course, Batshuayi's wages. "I've played with him and I know what he could do".More news: Chrome's Ad Blocker Goes Worldwide in July
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'We are expecting an exit in the next few hours or days'.
During his time with the Chelsea first team previously, Batshuayi scored moments of brilliance on his way to fire in 19 goals for the club from 53 appearances in all competitions. "He is leaving and it's now a matter of negotiation".
The Belgium worldwide is set to return from his loan spell at Valencia this month after struggling to make an impact and Everton are keen to bring him in, if they can unload one of either Cenk Tosun or Oumar Niasse in January.
Everton have been crying out for a prolific frontman with Cenk Tosun falling out of favour under Marco Silva, and Oumar Niasse deemed not good enough.