The England international joined the Blues from the Toffees for a fee of £15m in 2018, but he has struggled to cement his place as a first-team regular since that point.
The 28-year-old spent last season on loan at Aston Villa, and following his return to Stamford Bridge in the summer he has managed to appear on 11 occasions in all competitions.
However, according to the Daily Mail, Everton boss Rafael Benitez is now interested in bringing him back to Goodison Park in order to bolster his injury-stricken squad.
The Merseyside outfit looking to add some bodies to the club next month after dealing with a lot of absentees throughout this season.
Barkley racked up 179 appearances during his time at Everton, netting 27 goals in the process.