Coady signed for the Toffees from Wolves last summer on loan with an option to buy and made 24 appearances for the Merseyside club.
After Sean Dyche’s arrival at Goodison Park, the centre-back saw his involvement on the pitch curtailed significantly.
Everton eventually opted against triggering the purchase clause in Coady’s deal and the English star returned to his parent club this summer.
Dyche’s side restructured their ranks in alignment with their financial constraints this summer.
And it is claimed that the Merseyside outfit might have retained the 30-year-old defender had their monetary situation been different.
Everton might think that they could have utilised Coady’s experience and dressing room influence.
They are hoping not to get dragged into another relegation jostle this season.
However, it remains to be seen whether they will be able to climb the league table soon.