The defender joined the Toffees from relegated Wigan this summer after Roberto Martinez returned to his old club for the 30-year-old, whose versatility excites the ex-forward
The 30-year-old, who followed the Toffees boss from Wigan, made his first appearance for his new side in their pre-season win at Accrington Stanley.
And Sharp believes that his versatility will give Everton plenty of tactical options in defence next season.
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"We have talked about Roberto Martinez and what different ideas he is going to bring to Everton, so he could play in the back as a third centre-back. We will have to wait and see what the manager decides to do with him.
"If we are looking at the left-back position, he can fill in there if he must, so I think it's a good acquisition."
The Toffees defence was one of the best in the Premier League last season, with 11 clean sheets, and Sharp feels that Alcaraz will help Martinez to adapt that back line to his own methods.
"From what I remember of [Alcaraz], he is comfortable on the ball," he observed. "He likes to come forward and can pass and, as a centre-back, that's important in the way that Roberto sets up his side.
"Roberto has worked with him for three years so he knows his strengths and his weaknesses. He wouldn't have brought him here if he didn't think he would do a job."