According to The Guardian, the Blues would have to shell out £35m to land Batshuayi with a loan deal off the table unless Kurt Zouma is the one signed in a permanent deal. Premier League rules forbid a club from loaning more than one player from a rival team.
Batshuayi has been on loan at Valencia this season but was due to be sent back to London halfway through his spell with the Liga outfit.
A loan move to Monaco looked close to completion earlier this month but it fell through leaving the Belgian in limbo unless he can secure a move elsewhere.
Everton officials are on record as saying that there would be no incoming signings this month without outgoing player sales. Midfielder Idrissa Gueye is the subject of a bid from Paris St Germain but the Blues are said to be holding out for £35m for the Senegal international.