The 21-year-old forward missed the majority of last season after breaking his leg while on loan at Brentford.
However, he is now ready to make an impact at Goodison Park following his return to full fitness.
"[Roberto Martinez] called me up a few weeks ago and we had a good chat. That was massive for me," he told the club's official website. "He told me I was going to be in his plans and that was a big part of why I have signed.
"I want to get as close as I can to the first team, make some appearances and hopefully chip in with a few goals if possible."
McAleny has made two senior appearances for Everton since graduating from the club's youth academy.