The Dutch international has struggled to make an impression at Goodison Park after moving to Merseyside from Dutch giants Ajax in the summer for a fee of £23.6m. He was expected to leave the club on loan, but as reported by The Times, saw the move fall through late on.
The 24-year old will now resume training with the rest of the Everton first team squad, with a point to prove to manager Sam Allardyce.
The former England boss, who is in charge of his seventh Premier League club, admitted the midfielder was disappointed that the deal fell through, and revealed he wasn't entirely sure what had happened.
“Davy wants to play football, but whether he got the full story I don’t know, because I wasn’t involved with it," Allardyce said.
"If I was sat in it, I could tell you more. So I can’t really speculate much more, other than Davy is disappointed and we are disappointed. I don’t know the exact reason why it didn’t happen, but it didn’t seem the normal sort of problem to stop a transfer going through,”
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The Dutch midfielder has fierce competition for places in Everton's midfield, with Idrissa Gueye, Morgan Schneiderlin and Tom Davies among a number of players capable of playing in the middle of the park.
He has featured in only four Premier League matches so far this season, spending a mere 187 minutes on the field.