McNeil had a £20m move to Selhurst Park agreed in the winter window and had even completed a medical, only for the deal to fall apart at the last moment after Crystal Palace failed to complete the required paperwork in time.
Palace's interest in the winger has never gone away, and the two clubs are now exploring a swap that would send McNeil south in exchange for Johnson heading the other way to Merseyside. Both players operate on their favoured flank, McNeil from the left and Johnson from the right, though the Wales international can also play through the middle as a central striker.
The valuations involved are complicating talks. Palace paid a club-record fee of around £35m to sign Johnson from Tottenham in January, having watched him score 18 goals during the 2024/25 campaign, including the winner in that season's Europa League final against Manchester United, but he has managed just two assists and no goals in 26 appearances for Palace since arriving.
McNeil, valued at £20m in January and with less than a year left on his Everton contract, represents a considerably cheaper asset on paper, meaning any straight swap would likely need Everton to contribute a further cash sum to bridge the gap.
Everton manager David Moyes is keen to add further attacking options before the window closes, with the club having already been linked with a possible reunion with Jack Grealish, while Palace, under new manager Pierre Sage and preparing for a Europa League campaign, appear open to moving on from a player who has struggled to justify his club-record price tag since arriving from north London.