The 19-year-old has made 15 appearances in the Bundesliga this term, netting twice in the process, while the teenager has made four appearances in the Champions League as well.
According to Voetbal Primeur, the Toffees are keeping tabs on the Belgian, but they are not the only suitors in the race. As it stands, Wolfsburg will demand a high price to let him go.
Vranckx joined Wolfsburg from KV Mechelen last summer and since then he has also been able to play a defensive midfield role as well.
The Merseyside club will be back in action on Thursday when they host Boreham Wood in the FA Cup fifth round.