Conte is without a managerial role following his departure from Inter Milan at the end of last season.
The former Chelsea manager decided to leave Inter despite leading them to the Serie A title last season.
Everton have been looking for a permanent manager since the start of the month when Carlo Ancelotti decided to leave and return to his former club Real Madrid.
The Toffees have reportedly made contact regarding appointing Conte as their new manager, but former Leeds United and Manchester City right-back Mills does not think that the Italian would be a good fit for the Merseyside club.
Mills told Football Insider: “It’s difficult, Conte’s going to want top dollar. He’s going to want players to bring in and may change the squad and team too much.
“You have to have a long-term plan and work out where you’re heading and what you’re doing and stick by it. If it doesn’t work then you have to change your plans and hire a new manager.
“This is where Marcel Brands and Farhad Moshiri have to have a long-term business plan of where they want to go and the type of football they want to play because thats a five or six-year plan.
“Getting success in next season or the season after with Conte is short-termism. If they’re looking at the long-term future of the club it’s like ‘Ok, what sort of manager are we bringing in? What sort of recruitment do we want?’
“The last thing you want is a different manager with a different style of football who brings in a load of players and then its not worked and 18 months down the line a manager comes in with a different style of play with a new set of players and you start all over again.
Youve got to have that continuity and I think with Farhad Moshiri and Marcel Brands thats what theyll be looking like. What does the next six or seven years look like? Not just the next two.”