Madar, who turned down trials at West Ham and Celtic, plus a move to Italy, has signed a contract but has not been registered in time for this weekend's FA Cup tie with Newcastle.
The 29 year-old is all set to fly in to join the Merseyside strugglers but problems over acquiring international clearance from the Spanish FA - which was closed over the holiday period - prevented him from playing in Sunday's 3-2 victory over Bolton.
Howard Kendall will now not be able to field a feared partnership with Duncan Ferguson until the relegation battle at Crystal Palace on 10 January.
Kendall said: "I would have liked to have played Madar against Bolton but it has been a little bit awkward with the holidays in Spain and over here in terms of trying to complete documentation and clearances.
"It's been complicated and frustrating. Hopefully, we will now be able to play him against Palace. He definitely can't play against Newcastle."
Madar has joined on a free transfer but his wages will make him one of Goodison Park's highest earners.
Madar left Deportivo La Coruna after a row with Brazilian coach Carlos Alberto Silva - because he did not like a pre-match meal that included rice. The following day saw a training ground bust-up over a heavy tackle on Brazilian midfielder Mauro Silva, with the coach taking the side of his countryman. Silva said: "Madar is a stirrer. I don't want any more of him," before banning him from training for 10 days.
Madar was told he could leave despite having two years of his contract left and now Kendall has taken a chance on the talented goalscorer who prefers to play off a big striker, and the 6ft 4in Ferguson could be the player to bring out the best in him.