Pienaar, who has one international cap, joined Borussia from Ajax last summer when Tomas Rosicky moved to Arsenal.
However, the 25-year-old has struggled at the Bundesliga club and failed to find the net in 25 league appearances.
The South African star has been training with Everton at their pre-season camp in Los Angeles.
He said: "I am really excited to have joined a traditional club like Everton.
"It is always a good opportunity for the players to play in Europe and I am looking forward to making a return myself as I missed it last season."
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