Former Newcastle United manager Rafael Benitez has been advised to turn down the Everton job.
The Spaniard reached an agreement with the Premier League club on Wednesday, but his advisers have told him to wait for a return to Newcastle United.
He is a managerial target for the Saudi-backed organisation that is looking to buy Newcastle and would be welcomed back by the fans there.
The Toffees are yet to appoint a replacement for Carlo Ancelotti and were recently linked with a move for former Wolverhampton Wanderers manager Nuno.
He did a reasonably good job in the Premier League with Wolves and could prove to be a reasonable short term option for the Toffees.
However, he would be viewed as a downgrade from Ancelotti and the fans are unlikely to be keen on the appointment.
Everton must finalise their managerial situation quickly to allow the new manager enough time to sort out the squad for next season.