Deulofeu, a product of the club's famed La Masia academy, made six senior appearances for Barca – all as a substitute – before season-long loan stints at Everton and Sevilla.
He joined the Premier League side permanently in 2015, with Barcelona inserting a buy-back option that appeared unlikely to be activated when he fell out of favour under Ronald Koeman at Goodison Park and joined AC Milan for the rest of this season.
But Deulofeu has been a revelation for the Rossoneri in Serie A and his form earned an international recall – one the 23-year-old grasped by scoring a maiden Spain goal in last month's 2-0 friendly win in France.
His progress has not gone unnoticed at Barca, with sporting director Robert Fernandez giving serious thought towards activating a clause with Everton that is widely reported to stand at €12million.
"Deulofeu, yes, it's absolutely an option for the future," he told TV3.
"The club are considering bringing him back to play for the first team."
Barcelona are on the brink of elimination from the Champions League after losing the first leg of their quarter-final 3-0 at Juventus, while a squad revamp could be on the cards when head coach Luis Enrique steps down at the end of the campaign.