The USA international has turned down the opportunity to return to Goodison Park on a short-term loan due to fatigue after a long season which included the World Cup in South Africa last year.
Donovan played 13 games for the Toffees last season, in a loan move made in the January transfer window, when he helped the Merseyside club beat Manchester United, Manchester City and Chelsea.
Despite not making a return to the Premier League in the current campaign the 28-year-old has insisted he would relish the chance to play for the Blues again.
He said: "It wasn't easy for me. After the season ended, my immediate thought was that there's no way I am going to be ready [to play for Everton.
"I thought to myself a lot, 'If you say no, then what's going to happen next year? Are they going to let you back?'
"That was hard, because I don't want to close that door, I always want the opportunity [to go back]. I mean, I'm an Evertonian for life now."