There are doubts over the long-term futures of Dominic Calvert-Lewin and Richarlison at Goodison Park.
The Toffees boss Rafael Benitez is keen to keep the two players in Merseyside. However, he will sign a new striker if either leaves the club.
The Spanish manager could make a move for Sanchez in this transfer window to bolster his forward ranks.
The Blues could also turn to Valentin Castellanos, who lifted the MLS Cup with New York City and won the Golden Boot in 2021.
Sanchez first came to English shores in 2014 and enjoyed a stunning three-and-a-half-years at Arsenal.
He smashed 80 goals in 166 total matches for the Gunners but struggled to replicate that form when he joined Manchester United in January 2018.
The Red Devils offloaded him to Inter in 2019 after 18 underwhelming months at Old Trafford.
The Chilean footballer lifted the Serie A title at the San Siro last season, but he is yet to regain his previous form.
Signing him could prove to be a decent bit of business for Everton, who will not be able to spend much money in this window due to financial fair play.
Sanchez has plenty of Premier League experience, and he could be a good signing for the Toffees who are currently struggling in the league.
Everton have also been linked with a move for Newcastle United’s Sean Longstaff.
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