Graeme Souness says "the jury is out" on Everton, who could go either way in the second half of the season, and has questioned forwards Cenk Tosun and Richarlison.
Everton lost 1-0 to Leicester on New Year's Day with their recent run of poor form now extending to one win in eight Premier League games.
Sky Sports pundit Souness could not call how the rest of their season would pan out, saying: "The jury is out on Everton. They could go either way now. It could be a very difficult last half of the season or they could kick on and get a few good results.
"When you factor in the performances at Manchester City and Liverpool, which were both good, but they lost. You factor in the game against Spurs just before Christmas and they got well and truly smacked by a very good Spurs team.
"For Evertonians, it's a nervy time, because they could end up having a really, really frustrating second half or they could kick on and possibly finish seventh."
He also questioned the performances of Tosun and Richarlison, with the former yet to find a good run of form in the Premier League and the Brazilian playing out of position.
"I don't think Tosun is value for money at this present time. When you sign someone coming from outside the UK or England, he'll take a bit of time to adjust to the game and then we'll have a look at him," he added.
"He's been here a year now so he's had a chance to look and see what's needed and I think he's coming up short.
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"I'm not sure about Richarlison. I like him, I liked him when he was at Watford and he started well at Everton but would his preferred position be out on the left and cutting in? I'm not sure.
"I think he's a handful if you get service to him, but I don't think you're getting the best out of him playing there."