Carlo Ancelotti is looking to bolster his midfield options this summer in an effort to help Everton push for European places next season, with the ultimate aim being to qualify for the Champions League.
The Toffees have therefore been tipped for a busy transfer window despite the financial impact of the coronavirus pandemic.
Portuguese outlet Correio da Manha claims that Wendel is one of the players on their list of potential targets, but that the Merseyside outfit are yet to make an official approach for him.
The 22-year-old has made 30 appearances for Sporting this season, scoring twice and assisting two more goals across all competitions.
The Portuguese outfit are reportedly open to selling the Brazil Under-23 international if any club meets their asking price of around €20m (£17.9m).