Brazil striker Jo will return to Manchester City at the end of the season after Everton admitted they cannot afford to sign him on a permanent basis.
City paid £18 million to sign Jo from CSKA Moscow last year but he struggled to make an impact at Eastlands and was loaned out to Everton in January.
He made a better impression with David Moyes' team and scored five goals in 13 games to lift the Toffees into fifth place in the Premier League with one game to go.
However, Moyes knows City will expect to recoup a large chunk of the fee they paid for Jo if they are to let him go, and that puts him out of Everton's price range.
"I don't see where we could even come close to getting the money they spent on him," Moyes told Everton's official website. "But a loan has not been put to us or spoken about at all yet.
"It's something that, at the moment, we've not had any indication that they would have interest in. Obviously that means he will go back to Manchester City."