The Toffees reluctantly agreed to make money on Richarlison after Tottenham made a £ 60m bid, easing Everton’s financial problems.
However, the club is aware that they need to replace the Brazilian forward and they are currently compiling a list of targets.
Watford striker Dennis is one of those being considered and the Hornets could be tempted to sell if an offer of around £ 20m comes in.
Dennis only moved to Vicarage Road last summer after Watford paid a fee of just £ 3 million to Club Brugge.
Despite being relegated from the Premier League last season, the 24-year-old was impressed and scored 10 goals during his first year in England.
It caught the eye of Villarreal, who were looking for him, but now Everton are also in the race for the Nigerian.