Everton are working with anti-discrimination charity Kick It Out to investigate a song containing racist stereotypes about Colombian defender Yerry Mina.
The Toffees say they are aware of a video posted on social media by "an unaffiliated supporters' club".
"Everton has a zero-tolerance stance towards any form of racism," they said.
In 2017, Manchester United warned their fans about a song towards Romelu Lukaku.
Everton added: "We are in contact with Kick It Out and are working with them to investigate the matter further."