Ex-Watford player John Eustace is the bookies' current favourite to take over from Roy Hodgson at Vicarage Road at the end of the season.
Sources close to Eustace have said that they are aware of rumours regarding a possible move but did not know of any formal interest.
With relegation all but confirmed on Saturday, it is expected that Hodgson and his assistant Ray Lewington will depart after the final four matches of the campaign, with plans to recruit a replacement already underway.
Eustace spent five years with the Hornets between 2008 and 2013, making 168 appearances in total, and is thought to be well regarded among club chiefs.
While the likes of Diego Martinez and Fabio Cannavaro have both been linked, among a number of other names, it is understood that Watford are keen to try a different approach with their hiring this time, as they look to become a proactive club rather than a reactive one.
Six head coaches have been sacked in the last three seasons alone, something the club admitted at their recent supporter committee meeting they wanted to avoid in the future, as they look to build some much-needed stability.
Whether or not Eustace is the person to do that with remains to be seen, but his knowledge of the club and its head coach model will certainly not harm his chances.
In his managerial career so far, he has been in charge of Kidderminster Harriers for two years, where he led the side to the National League play-offs two years running, with his style of play earning them the title the "non-league Barcelona".
Following on from that, he has been both an assistant and caretaker manager at Queens Park Rangers and assistant manager with the Republic of Ireland national side. He remains assistant manager at both.
He is currently as low as 1/4 with Bet Victor, who have Ipswich Town boss Kieran McKenna behind him at 8/1.
Several bigger names, including Wayne Rooney, Vincent Kompany and Sean Dyche are as high as 25/1.
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