England winger Townsend has missed the last nine matches since hurting his hamstring against West Ham United in mid-December.
"We're positive on Andros and he has a chance (for Everton), he's up for selection," manager Tim Sherwood told the club's official website (www.tottenhamhotspur.com).
"He's champing at the bit to return."
Belgium midfielder Dembele missed the 1-1 draw with Hull City with an ankle injury.
"He's fine. He's back out training again and he's in the frame to start against Everton," Sherwood added.
(Reporting By Josh Reich; editing by Amlan Chakraborty)