The England youth international enjoyed a highly fruitful spell at Bloomfield Road during the second half of last season.
Simms plundered 10 goals in 24 games as the Seasiders secured League One promotion via the play-offs.
The former Man City forward cruelly missed the victory over Lincoln in the final because of a hamstring injury, though.
The Toffees could now look to loan the 20-year-old out when the transfer window opens next month - this time to a Championship club.
Chief executive Ben Mansford admits there's nothing concrete in Blackpool's interest - but refused to rule out a move.
What’s been said
“Ellis will hopefully always have a soft spot for Blackpool and Blackpool will always remember him fondly,” Mansford told the Blackpool Gazette.
“It was tragic he didn’t get to play in the play-off final given how hard he had worked to get us to the final.
“Everton were really happy with how Ellis developed and how he enjoyed his time here, so if he becomes available, it’s right for us and it’s right for Ellis then we’ll keep you all posted.
“I’m sure he’s a player that will naturally be linked with us and you’re quite rightly going to ask about that because the fans want to know.
“At the moment, there’s nothing definitive to say and you always have to be respectful when you’re communicating with people like Everton that you maintain a really positive and professional relationship.”
Will Ellis Simms leave Everton in January?
Much could depend on when Dominic Calvert-Lewin returns to availability.
As a result, Richarlison and Salomon Rondon are the only current senior striking options to Rafa Benitez.
Everton will be wary, however, that Simms needs regular minutes if he is to continue is encouraging development and a step up to the second tier would allow that.