Man City are willing to let Mangala leave the Etihad Stadium because they signed Athletic Bilbao star Aymeric Laporte yesterday.
Pep Guardiola spent £57million on his latest centre-back which pushes Mangala further down the pecking order.
And now Everton are hoping to take the defender on loan until the end of the season, report the Times.
“Everton interested in Manchester City left-footed defender Eliaquim Mangala on loan,” the Times journalist wrote on Twitter.
However, Newcastle, West Ham and Valencia, where the Frenchman spent last season on loan, are also interested in securing his services.
But City are hoping his £80,000-a-week wages will be fully covered as part of any deal.
The 26-year-old cost £32m when he signed for City from Porto in 2014.
But he has only racked up 14 appearances for the Blues this term.
All four of the interested parties are only interested in a loan move.
And Everton have raced into the lead for his signature this morning.
Newcastle are keen but make additions to the squad today but it is not thought that the centre-back position is their top priority.
Meanwhile, West Ham boss David Moyes is hoping to bolster his ranks after only making one purchase in Joao Mario from Inter Milan.
But Mangala may favour a return to Spain after featuring 30 times for Valencia last season.
After signing Laporte, Guardiola now has five first-team central defenders to choose from.