In
| Player | Team | Date | Fee |
|---|---|---|---|
| Vinny Samways | Tottenham Hotspur | 2 August 1994 | £2,200,000 |
| Daniel Amokachi | Club Brugge | 30 August 1994 | £3,000,000 |
| David Burrows | West Ham United | 6 September 1994 | Exchange + £500,000 |
| Duncan Ferguson | Rangers | 3 October 1994 | 3-month loan |
| Ian Durrant | Rangers | 3 October 1994 | 1-month loan |
| Duncan Ferguson | Rangers | 13 December 1994 | £4,000,000 |
| Earl Barrett | Aston Villa | 30 January 1995 | £1,700,000 |
| Total (initial fees only): | £11,400,000 | ||
- David Burrows (West Ham United) – Everton and West Ham United agreed an exchange deal where Everton received David Burrows and West Ham United received Tony Cottee and £500,000.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| James Quigley | Released | 1 July 1994 | |
| Carl Ruffer | Released | 1 July 1994 | |
| John Doolan | Released | 1 July 1994 | |
| Mark Powell | Released | 1 July 1994 | |
| Paul Tait | Released | 1 July 1994 | |
| Preki | Released | 1 July 1994 | |
| Terry Jones | Released | 1 July 1994 | |
| Mark Ward | Birmingham City | 3 August 1994 | £200,000 |
| Robert Warzycha | Pecsi Mecsek | September 1994 | Undisclosed |
| Tony Cottee | West Ham United | 6 September 1994 | Exchange |
| Chris Priest | Chester City | 9 September 1994 | 1-month loan (extended to 2 months) |
| Neil Moore | Blackpool | 9 September 1994 | 1-month loan |
| Chris Priest | Chester City | 9 January 1995 | Free |
| Ian Snodin | Oldham Athletic | 9 January 1995 | Free |
| Gary Rowett | Blackpool | 17 January 1995 | 1-month loan (extended to 3 months) |
| Jason Kearton | Notts County | 19 January 1995 | 1-month loan (extended to 2 months) [recalled] |
| Neil Moore | Oldham Athletic | 16 February 1995 | 1-month loan |
| David Burrows | Coventry City | 3 March 1995 | £1,100,000 |
| Brett Angell | Sunderland | 23 March 1995 | £500,000 |
| Total (initial fees only): | £1,800,000 | ||
- James Quigley (Released) – Eventually joined Derry City in summer 1994.
- Carl Ruffer (Released) – Eventually joined Runcorn ahead of the 1994/95 season.
- John Doolan (Released) – Eventually joined Mansfield Town in September 1994.
- Mark Powell (Released) – Eventually joined Macclesfield ahead of the 1994/95 season.
- Paul Tait (Released) – Eventually joined Wigan Athletic on 22nd July 1994.
- Preki (Released) – Returned to indoor football in June 1994 playing for San Jose Grizzlies before joining Portsmouth in August 1994.
- Tony Cottee (West Ham United) – Everton and West Ham United agreed an exchange deal where Everton received David Burrows and West Ham United received Tony Cottee and £500,000.
- Jason Kearton (Notts County) – Everton recalled Jason Kearton in March 1995 due to a lack of goalkeeping options. The recall happened only 4 days before Kearton was expected to play for Notts County in the Anglo-Italian Cup final at Wembley.
| Income | £1,800,000 |
| Expenditure | £11,400,000 |
| Net Spend | +£9,600,000 |