The Los Angeles Galaxy playmaker has been a big hit at Goodison Park during previous loan stints in 2010 and 2012.
With his commitments in the MLS over for another year, a return to the Premier League is being mooted once again.
Talks are believed to be at an advanced stage and Donovan is confident he will re-join the Toffees at some stage in the near future.
The 31-year-old said in the Daily Mirror: "I would absolutely love to go back - and there's no doubt I will at some point.
"I miss the people. I miss the players a lot, and I miss just the positive energy of the fans walking into the stadium and how much they care about the club."
Meanwhile, Everton boss Roberto Martinez doubts there will become a point where he is in a position to make Romelu Lukaku's loan deal at Goodison permanent.
Chelsea boss Jose Mourinho has revealed that the Belgium international wanted out of Stamford Bridge prior to sealing a season-long switch over the summer, but the Blues still hold the in-from frontman in high regard.
Martinez said: "Every time I speak to Chelsea they rate Romelu really highly, and I think that's always been the case.
"They made a massive investment on a player they always felt was going to take three, four or five years to be ready for them.
"He's important to us, but in the modern game the best performers are more likely to move on - you need to be constantly looking at how to keep the squad at the same level even if you have to change players.
"We'll find another one, don't worry."