Nicknamed 'the Duracell Bunny" (not really) Banega signed for Valencia from Boca Juniors for a fee of £15 million in January 2008.
But the 21-year-old midfielder has since fallen out of favour with the Spanish outfit and spent last season on loan at Atletico Madrid.
Everton are looking to take the defensive midfielder on a season long loan with a view to a permanent transfer.
But, this is where it gets a bit messy...he played 24 times for Atletico and was sent off twice.
The reason he fell out of favour with Valencia was due to 'off-the-field' problems and, upon his return to the Mestalla he immediately asked to leave.
An Argentinian hot-head with on and off the field disciplinary issues doesn't really sound like a player that would slot into the current Everton set up but we shall see!
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Banega was involved in the Argentinian
Spot the Ball rigging scandal!
Everton are also on the look out for defensive cover - 'LOOK! It's not a replacement for Lescott!!! - but have cooled on Phillipe Senderos as they cannot agree a fee with his current club Arsenal.
More worryingly, yes even more worrying than signing Senderos, the Blues are now looking at signing Newcastle's Steven Taylor.
The England under-21 international - he's 23 but clearly going to be one of those players that will never shake the 'under-21 tag - is said to be another of David Moyes' targets for cover at centre back - NOT A REPLACEMENT!
I may be blinkered but I really don't rate him!
I think firstly that's because of that dive after his handball and, secondly, he looks too much like a scuffer...with shifty eyes!
In other transfer news, in no way related to Everton but worth a mention all the same, Grimsby Town agreed a loan deal with Southampton to take their goalkeeper, and part time racing pundit, Tommy Forecast (!) to Blundell Park.
Which is the best footballer name since former Plymouth striker and some time estate agent, Barrington Belgrave, first pulled on a football shirt!
"and here we have the bathroom...."