The Lngland U21 international finished last season on loan with the German side and had been linked with a £25m switch back to his former employers ahead of Friday's German transfer deadline.
However, with the 'Toffees' having already allowed one fringe flanker to leave the club in recent weeks in the form of Yannick Bolasie, another departure would leave them thin on the ground in the wide areas and unable to sign a replacement, with the English deadline having already passed.
Lookman joined Everton from Charlton in January 2017 for a fee in the region of £10.5m, but speculation increased that he could be set to leave the club after he was left out of the squad for his side's Premier League curtain-raiser against Wolves.
Nevertheless, Everton seemingly remain intent on keeping the 20-year-old, who scored five goals in 11 games during his temporary spell in the Bundesliga last season.