Vaughen, who burst on to the scene with a goal on his debut for Everton to become the youngest scorer in the Premiership has been out of action for over a year with various injuries, and has only just returned to fitness.
It is expected that should Everton accept Tranmere's loan offer, the striker will sign in an attempt to bolster Rovers strike department, as they currently have injuries to Calvin Zola and Gareth Taylor.