Ndiaye joined Everton from Marseille in the summer of 2024 and scored six goals with three assists in 32 league appearances last season, establishing himself as one of the club's most important attacking players.
Everton value their forward at around £80m and have shown no inclination to let him leave cheaply, even with two of the Premier League's biggest clubs now showing concrete interest.
Arsenal are also weighing up a move for the 26-year-old, though the club's priority in attack remains Atlético Madrid's Julián Álvarez, according to reporting on the situation. That pursuit has been complicated in recent days by Joan Laporta's public confirmation that Barcelona still intend to sign the Argentina international, adding a third major club to a saga that has dragged on for weeks.
Should Arsenal miss out on Álvarez, Ndiaye is understood to be one of the leading alternatives being considered by the club's recruitment department.
Ndiaye is under contract at Everton until the summer of 2029, giving the Merseyside club considerable leverage in any negotiation regardless of the level of interest from elsewhere in the division. He has also rejected previous offers of a new contract at Goodison Park, a stance that has done little to ease speculation over his long-term future.
For Manchester City, interest in Ndiaye follows a summer of significant outgoings in attack, with the club having sold Rodri, Tijjani Reijnders, Savio and Omar Marmoush among others as Enzo Maresca reshapes the squad he inherited from Pep Guardiola.
Manchester City have already reinvested heavily in midfield with the signings of Elliot Anderson and Ayyoub Bouaddi, and Ndiaye's versatility — able to operate across the front three or through the middle — is seen as a fit for the club's attacking needs following Marmoush's exit to Tottenham.
Manchester United have also been credited with previous interest in the forward, though they are understood to have stepped back from a move following Marcus Rashford's return to the club.