This managerial change would be a superb coup for the Toffees, as bringing in a manager who has experience elevating a struggling side to the very top of the league is exactly what Everton require.
The Italian is currently plying his trade in France with FC Nantes, steering the club into an impressive eighth place, just three points off fifth position.
After winning the Premier League in 2016 with the Foxes, his status at the King Power Stadium quickly became untenable the following season, leading to his controversial sacking in February 2017.
Many supporters feel as if Ranieri had been severely hard done by Leicester City, acrimoniously fired less than a year after the most unlikely triumph in Premier League history.
There is no doubt that Ranieri has a point to prove in England and would be eager to be granted a chance at Premier League redemption.
A return to England as the manager of Everton would be the perfect move for both parties involved. Sam Allardyce has proved deeply unpopular with the Goodison Park faithful this season, with a reign marked by uninspiring performances and an insipid style of play.
Ranieri is famous for his man-motivation, tactical genius, and superb levels of organisation. His unique implantation of the famed 4-4-2 formation would slot in smoothly with the current Everton squad. Exciting wingers, in the shape of Yannick Bolasie and Theo Walcott, would be poised to whip in dangerous balls to lethal strikers Cenk Tosun and Dominic Calvert-Lewin.
With Allardyce likely to depart at the end of the season, Everton should turn to Premier League champion Claudio Ranieri to revitalise the proud club. And perhaps just like at Leicester, the Italian can take an underperforming side and propel them to glory.