Rebar corrosion represents a major threat to the durability of reinforced concrete structures, primarily in marine environments. Various Non-Destructive Evaluations (NDE) have been developed to detect rebar corrosion; although most of these have delivered successful results, a lack of reliable techniques for proper corrosion prognosis still remains. Under the French Research Agency (ANR) project’s “LabCom OHMIGOD” framework, we introduce here a novel embedded tool to evaluate the level of cover concrete contamination from aggressive agents responsible for causing corrosion. This tool is divided into two parts: a reactive part exposed to corrosion, and a permanent part protected against corrosion. Using magnetic materials in both parts entails “Functional Magnetic Materials” (FMM) and generates a Magnetic Observable (MO). Through the evolution of corrosion on the reactive part, its magnetic properties become affected, which in turn modifies the MO. By means of regular monitoring of MO variations, it is possible to evaluate the aggressive agent ingress. Consequently, by using a variety of FMM tools placed at different concrete depths, it is possible to indirectly evaluate the rebar corrosion risk. This paper presents a numerical model of the tool employing Ansys software. The underlying objective is to investigate tool accuracy through its key parameters, namely, geometry, relative distance to the receiver, coupling effect, and border effect from the rebar. Simulation results demonstrate that by choosing an efficient geometry for the reactive part (25 mm × 25 mm × 1 mm) and position for the tool (between 1 and 3 mm), both a sufficient MO variation range and a negligible coupling effect can be obtained when the FMM is more than 5 cm from any ferromagnetic material.