Slavisa Jokanovic is unlikely to be the Hornets' head coach next season. The Watford Observer understands the Serbian has turned down the Golden Boys’ contract offer and the club have started to search for a replacement in case an agreement can’t be reached.

The former Chelsea midfielder guided Watford into the Premier League this season but his current deal expires this summer.

Negotiations to extend Jokanovic’s contract have been ongoing since the end of the campaign but it is believed the stumbling block in discussions is the 46-year-old’s wage demands.

Talks have not ended but while the Hornets would like Jokanovic to remain at the club they have identified alternatives should a deal not be agreed.

Spanish coach Quique Sanchez Flores is believed to be the club’s first choice to succeed Jokanovic and national media have reported Watford are already negotiating with the former Atletico Madrid boss.