The transfer window opens on June 9 but after seeing early promise fizzle out, what do Everton need to do this summer?
Which positions are Everton targeting?
Everton will be looking to provide more cover for Dominic Calvert-Lewin in the striker department this summer following the limited impact of Josh King during his January loan from Bournemouth. The club will make a decision on the future of forward Moise Kean, whose successful loan spell at Paris Saint-Germain was agreed without an option to buy.
The Merseysiders are keen to prolong goalkeeper Robin Olsen's stay with his own loan agreement from AS Roma at an end, with the Sweden international deputising well during Jordan Pickford's absence.
Carlo Ancelotti has also targeted a successor for club captain Seamus Coleman since last summer, and Norwich right-back Max Aarons has been linked with a £30m move to Goodison.
Theo Walcott has made a permanent switch to Southampton but Everton will also likely offload Yannick Bolasie this summer to make way for another attacking wide player to provide competition across the forward line.
What do the stats say about Everton?
While Everton have enjoyed their best away points tally (37) since 1984/85, Goodison Park has been far from a fortress for Everton; this has been the worst season at home in the club's history (22 points).
The Toffees have drastically improved defensively this term when it comes to set-piece goals conceded; Ancelotti's son Davide has been credited with helping a backline that shipped 19 set-pieces goals last season concede only 10 this time around.
But while the numbers show their aerial prowess at the other end - they have scored a joint-league high 14 headed goals - they also reflect the fact that Ancelotti's side have at times looked too predictable in their play.
Only four sides have created fewer chances in the Premier League this season and Everton rank modestly when it comes to passes in the final third. With only Sheffield United (9) registering fewer different goalscorers than their 10 in the Premier League, threat needs to come from more directions, and improving on eighth place will hinge on easing the burden on 21-goal Calvert-Lewin.
What the manager has said
Speaking in March, Carlo Ancelotti suggested Everton would only be targeting "two or three new signings" this summer: "I think that the plan for the future - we didn't talk in the specifics - is quite clear. It doesn't matter, or change a lot, if we are in the Champions League or the Europa League, the plan is to improve the squad with two or three new signings, new players that can improve the positions where we had difficulties this year.
"We didn't go through the specifics with the club or director [of football] but I think that our future is not so complicated."
Ancelotti reiterated the need to strengthen the squad in May, saying: "Of course, we have to analyse the season and after that put the right adjustment in the squad to avoid the limits and the weakness we have had this season.
"I think what we are going to do, we're all agreed on the plan we have to improve the squad. There will be no doubt we are totally focused on this and, above all, totally agreed, from the manager, the club and the technical director."
But he gave a further clue about his priorities after the final-day thrashing by Man City, adding: "We have to put more quality in the squad to try to play more attractive football, to have more quality from the back. This is where we are working."
What should Everton do this summer?
Sky Sports' Ben Grounds writes: "Bernard will be for sale again this summer having seen a January move to Al-Nasri collapse while the club will listen to offers for full-back Jonjoe Kenny.
"Yannick Bolasie and Mo Besic are out of contract and are set for pastures new, while Everton are unlikely to take the option of signing Josh King following his unsuccessful loan spell from Bournemouth.
"The club, however, would like to extend goalkeeper Robin Olsen's stay after the Sweden international provided good competition for Jordan Pickford.
"Make no mistake, Evertonians were craving European football and will be disappointed at missing out altogether on trips abroad following a season that promised so much but was ultimately derailed by squalid home form which saw them lose on eight occasions.
"The absence of the Thursday-Sunday slog will allow Ancelotti more time to hone his preferred system and selection, which has too often been interfered with as a result of the congested schedule this campaign, leading to regular injuries to key personnel.
"Ancelotti has currently made 93 changes to his starting line-up, with only Man City, Chelsea, Arsenal, and Man Utd making more - understandable given their multiple commitments.
"The Italian may well have a first-choice starting XI in mind, but a lack of consistency means even that has never been close to being set in stone. The Everton boss would ideally play with a back four, but has found the necessary solidity only in deploying a back three with wing-backs.
"Often when he has ventured into a more expansive set-up, the team has looked exposed defensively. It is a short blanket quandary he must fix through coaching and recruitment if the club's big project envisaged is to come to fruition."