Gareth Barry has come to Goodison Park on a season-long loan from Manchester City, while James McCarthy was signed from Wigan for £13m over the summer.
Republic of Ireland international Darron Gibson is also back in action after he featured in the 3-1 defeat at Manchester City over the weekend and Baines is excited by the options manager Roberto Martinez has available to him.
"It is great to see someone of Gibbo's quality back, it just adds to the strength we have in the squad - there is plenty of competition for those places in midfield especially," said Baines.
"That is great for the manager and it gives him the opportunity to rotate sometimes and that is only going to help us.
"From what I can remember it is (the best midfield ever), just because of the quality we have and there are a lot of players fighting for places.
"We have Steven (Pienaar) to come back (from injury) so if we have everyone back fit, we will have a really good squad and the manager has some decisions to make."
Baines is also upbeat about how the club are performing this season in Martinez's first in charge, which has seen a change in style to focus on a more passing game than under David Moyes.
Everton lost their unbeaten record at the weekend but England international Baines is enthused by the direction they have taken under the Spaniard.
"It's a work in progress but we're working towards being a much better team," added Baines.
"I'm enjoying that aspect of it. I'm learning and hopefully we will continue to build on what we've started.
"We've been working on different things and people have begun to enjoy watching some of them. We've just got to tighten up the other aspects and keep developing."