Chris Hughton is a strong contender for the Watford job, while Paul Clement is also in the frame, Sky Sports News understands.
Following the sacking of Quique Sanchez Flores just 85 days into his second stint at the helm, the club are hopeful of appointing a new head coach within 24 hours.
Hughton - who has been of interest to a number clubs in the Championship this term - has been out of work since being sacked by Brighton at the end of last season.
The Seagulls are one of two clubs he promoted to the Premier League, along with Newcastle, and he established the south coast club into a solid Premier League team before losing his job to Graham Potter.
Clement, meanwhile, has been out of work for almost a year after being sacked by Reading in December 2018.
His previous Premier League experience came in trying to keep Swansea in the top flight, which he did, before losing the role in December 2017 with the Swans bottom of the league.
Flores was sacked following Saturday`s 2-1 defeat at fellow strugglers Southampton, with Watford bottom of the Premier League on just eight points from 14 games.
The decision was taken after Sanchez Flores met with chief executive and chairman Scott Duxbury along with owner Gino Pozzo on Sunday, with the appointment of a successor described as imminent.
What`s next for Watford?
Watford will travel to Leicester on Wednesday in the Premier League, before they host Crystal Palace at Vicarage Road on Saturday.