The 29-year-old will rejoin the Toffees on a short term loan deal for January and February.
Everton boss David Moyes said: “I am delighted that we have managed to get Landon back. He will give us some good experience over January and February.
“He did well for us when he was over two years ago and hopefully will return with those same qualities.”
Donovan could feature in Everton’s Premier League clash with Bolton on 4 January.
Donovan told the club’s website: “The opportunity to return to Everton and play for such a well-respected club and a manager that I hold in such high regard was something that was simply too good to pass up.
“I thoroughly enjoyed my time at Everton in 2010 and I’m hopeful that we can experience similar success this time around.”