Club owner James Barton, who is an Everton fan, told the Liverpool Echo: "We have been in discussions with Everton Football Club but no further decision has yet been made."
Everton's head of marketing, Andy Oldknow, said: "I can say that we can confirm that we have been in talks with Cream which are currently continuing, although the club are currently looking at a wide variety of options for sponsorship."
Cream famously banned Gazza from the club as soon as he signed for Everton, joking "It's for his own good".
