The England striker's future has been called into question of late after he was named as a substitute for United's Champions League defeat to Real Madrid on Tuesday.
United manager Sir Alex Ferguson recently stated that Rooney will still be at Old Trafford next season, but Kendall, who managed the Blues three times between 1981 and 1998, thinks that the club could tempt the 27-year-old back to Goodison Park.
"If I was still the Everton manager today, I'd be wondering whether I could get together the money to make a bid for Wayne Rooney in the summer," Kendall wrote in his column in the Liverpool Echo.
"With all the hype about him being left out of the team for Manchester United's defeat by Real Madrid on Tuesday, I just wonder whether there's a chance he could be lured back to his spiritual home when this season has finished.
"Now I know Everton haven't been transformed with millions of pounds of new capital since then, but think back to January and the talk about how much money they might receive if a certain current player decides to leave in the summer. Then you can perhaps seriously wonder about putting together a deal to get Rooney."
Rooney left his boyhood club for United in 2004.