The use of words like ‘creative’ and references to utilising the loan market haven’t stopped the rumour mill cranking into life within days of the end of the season.

Watford head coach Tom Cleverley has chosen his words very carefully over the past couple of weeks when asked about summer transfer activity, and yet only yesterday various websites ran a story that the Hornets were “pressing” to sign goalkeeper Ricardo Velho from Portuguese club Farense.

The 25-year-old apparently has a €10m release clause in his contract – a figure the size of which Watford are unlikely to spend on any player surely?

“Yeah, I’d agree with that,” admitted Cleverley, who has been keen to set reasonable expectations around the sort of business the club will be doing this summer.

“A lot depends on what we sell and any transfer fees we receive, and I have to accept that on this aspect of the finances I am very inexperienced.

“I don’t feel like an inexperienced coach when I’m out on the grass or when I’m in the dressing room with the players.

“I feel a bit inexperienced when I’m talking about budgets and so there I’ll be guided by Scott and Gino.”

While there are decisions still to be made on out of contract players like Jake Livermore and Ben Hamer, The Watford Observer understands that it is unlikely Watford will be looking to re-engage with Nottingham Forest striker Emmanuel Dennis on a further loan – and the same can be said of defender Jamal Lewis, who returns to Newcastle after a season at Vicarage Road.

Dennis made 18 appearances in his second spell at Vicarage Road, scoring four goals including the winner at Birmingham in Cleverley’s first game as interim head coach.

Lewis made 38 outings for the Hornets, starting 32 Championship games.