The 16-year-old has scored three times in seven Under-18 Premier League appearances this season, while he has also turned out for his Merseyside club's Under-23 outfit in Premier League 2.
According to the Daily Mail, Bayern and Juve have a 'concrete interest' in the teenager, while Arsenal are also keeping a close eye on his development.
The report claims that Small's performances at left-back have drawn comparisons with Bayern's Alphonso Davies, who is regarded as one of the best attacking full-backs in the game.
Everton have allegedly offered the defender a 'generous' three-year contract in the hope of convincing him to turn down interest from elsewhere to commit his future to the Toffees.
Small was named his club's Under-16 Player of the Year for the 2019-20 campaign.