The 30-year-old defender is a free agent having left Wigan Athletic at the end of the season when his contract expired.
New Everton boss Roberto Martinez has already raided his former club this week to sign Arouna Kone, and now he has moved for another of his former charges in the shape of Alcaraz.
Last season was a difficult one for the defender as a groin injury sustained on international duty ruled him out for six months from late August.
However, after passing a medical he was able to finalise a move which has been a couple of weeks in the negotiating after securing a work permit.
Martinez has said previously if Alcaraz had been fit for the majority of the season Wigan would not have been relegated.
Of the 14 appearances he made last year, six resulted in clean sheets, including a particularly commanding performance at Goodison Park as Wigan knocked Everton out of the FA Cup at the quarter-final stage.