Talks have been going on for a long time about a deal for the 20-year-old, but nothing has been agreed.
The Toffees put an offer of €22m plus €3m in bonuses on Barca’s table, but the Catalan club has not responded.
Barcelona hope to get a bigger fee from Todibo, who joined in 2019 on a free transfer from Toulouse.
Despite the fact they gave Barcelona an ultimatum, Everton remain interested in Todibo and continue to wait for an answer.
The Germans will not be using their option to buy Todibo for €25m plus €5m in bonuses.
Everton are keen to add a defender after suffering a number of injuries in that area of the pitch.
Todibo has made 10 appearances in all competitions since joining Schalke on loan in January.
Before his loan switch, the former French youth international appeared only three times in the first half of the season for Barca.