The 21-year-old, an academy graduate, broke his leg while on loan at Brentford last August and missed much of the 2013/14 season.
He had previously had a brief loan spell at Scunthorpe towards the end of the 2011/12 season after making two substitute appearances for the Toffees in the Premier League earlier in that campaign.
After speaking to manager Roberto Martinez, McAleny is keen to break into the senior side now he has returned to full fitness.
"He called me up a few weeks ago and we had a good chat. That was massive for me," said McAleny.
"He told me I was going to be in his plans and that was a big part of why I have signed.
"I want to get as close as I can to the first team, make some appearances and hopefully chip in with a few goals if possible."