Everton are working with anti-discrimination charity Kick It Out to investigate allegedly racist content in a song 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."
Kick It Out said they would report any chanting of the song within a stadium to the Football Association and those found to be singing it could "expect to face punishment".
"Racist stereotypes are never acceptable, irrespective of any intention to show support for a player," the charity said.
"We have contacted Everton regarding the issue and will be working closely with them to ensure a clear message is sent that the chant is not acceptable."