New Everton boss Rafa Benitez has been in the market for a right-back to ease the burden on Seamus Coleman.
The Toffees were linked with the likes of Aurelio Buta, Denzel Dumfries and Max Aarons this summer, but no moves materialised.
Alves could be a bridging player to help Everton get through to next summer, at which point they could target a long-term solution to their problem.
Newcastle are another side who were in the hunt for a right-back over the summer.
Jacob Murphy has occupied a wing-back role in the Magpies’ opening three Premier League games and Newcastle’s defence has looked shaky.
Steve Bruce’s side have conceded eight goals already this season and could desperately use a leader to shore things up at the back.