The Italian defender was linked with a move during the summer transfer window, but a move never materialised and he signed a new four-year deal in July.
However, he is reportedly unhappy after losing his place in Roberto Mancini's first team, he has played just 27 minutes so far this season, and is now said to be evaluating his future at the Italian giants.
That has led to interest from Everton, who may look to try their look in the January transfer window or later.
However, they would face stern competition should the player become available, with Tottenham, Crystal Palace and Newcastle reportedly all interested in him, although the Toffees and Spurs are considered the two front-runners.
A stumbling block for any potential move will be the previously mentioned contract he signed in July, with that deal sure to mean it would take big money to tempt Inter into sale.
A move to Everton would be a confusing one given they signed Ramiro Funes Mori in the summer for a relatively big price.
With John Stones and Phil Jagielka performing well together so far, the Argentine is currently third choice at the club, while Martinez has shown a desire to give youth a chance already this season.
Ranocchia would face a big fight to get first team football at Goodison Park then, making a move all the more unlikely.