The Toffees are on the hunt for a new head coach following Carlo Ancelotti’s shock return to La Liga to replace Zinedine Zidane at Real Madrid.
However, despite the suddenness of Ancelotti’s own exit, Everton have adopted a measured approach to securing his successor.
Links to Brighton boss Graham Potter and former Liverpool manager Rafa Benitez appear to have hit dead ends in recent weeks, with reports from the Daily Mail claiming Pellegrini is now the preferred option.
The Chilean led Real Betis back into the Europa League on his first season back in Spain in 2020/21 and he is under contract until 2023 at the Estadio Benito Villamarin.
However, according to the report, Everton owner Farhad Moshiri will aim to tempt him with a sizeable transfer budget to work with this summer compared to a tight financial situation in Andalucia.