The striker, omitted from the Ivory Coast squad for the FIFA World Cup, joined Everton on loan in January and netted on his debut before a hamstring injury saw him sidelined until the final day of last season, when he was a late substitute in the 2-0 win at Hull City.
Manager Roberto Martinez revealed in April that he was keen to re-sign the 24-year-old and has reiterated his interest.
"At the moment we are still talking with Monaco," the Spaniard confirmed to Everton's official website.
"With Lacina, it is a three-way conversation and it will [go] a bit further down the line before we take a final decision.
"But we always wanted Lacina to be with us and to play his football with us, and that hasn't changed at all."
In addition to signing Traore for a second time, Everton continue to be linked with Chelsea striker Romelu Lukaku, who scored 15 times in 31 Premier League appearances during his loan stint at Goodison Park in 2013-14.
Martinez added: "We know the potential of Rom and Chelsea have been very good with the player and we have been really close with our relationship.
"We need to find out where we are and there is nothing more to comment."
