The 28-year-old, who left Goodison Park in 2008, yesterday returned to sign a contract with the Toffees until the end of the season.
However, the attacker is hoping that he can prove his fitness and secure an extended stay on Merseyside.
"First and foremost I need to get myself match fit and football fit and then make an impact on the team," he told the club's official website. "If I can do that then maybe I will get the chance to extend my stay here.
"It is initially just until the end of the season but it is up to me to prove I am worth a longer deal."
McFadden is due to feature for Everton's second string against Sunderland this evening.