Set to return to the Premier League later this year after achieving promotion from the Championship in April, Watford have already bolstered their squad by sealing deals for Kwadwo Baah, Mattie Pollock and Imran Louza.
Meanwhile, the Hornets recently decided to release Achraf Lazaar and Carlos Sanchez who are set to leave when their contracts expire at the end of June.
Whereas Watford manager Xisco Munoz already has a number of players at his disposal who boast a wealth of experience at Premier League level, he was recently linked with a move for a player who excelled in the Championship last season.
According to page 68 of Sunday's print edition of the Daily Mirror, the Hornets are reportedly keen to sign Harvey Elliott on a temporary deal from Liverpool.
The winger, who spent the entirety of the previous campaign on loan at Blackburn Rovers, delivered a host of impressive displays in the second-tier for Tony Mowbray's side.
As well as providing 11 assists for his team-mates, Elliott netted seven goals in 41 league appearances before returning to Anfield last month.
In a fresh update concerning Watford's stance on a potential move, it has been revealed that they haven't made an official approach for the 18-year-old.
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According to Anfield Central, the Hornets have yet to enter talks with Liverpool over Elliott who will be given the chance to impress in pre-season by manager Jurgen Klopp before a decision is made on his future.
The winger is also understood to be attracting interest from Brentford, Blackburn and AFC Bournemouth who are all keen to secure his services for the upcoming campaign.
However, it is understood that Liverpool will only sanction a loan deal if Elliott is guaranteed to play regular first-team football.
GIVEMESPORT's Joshua Cole says...
Whilst Watford have yet to launch a bid to sign Elliott, they could benefit considerably from being able to call upon his services next season and thus they ought to step up this particular pursuit.
A stand-out performer at Blackburn last season, the winger ranked in the top-five at Ewood Park for key passes per game (1.7) and successful dribbles per match (0.9), as per WhoScored.
When you consider that only Emiliano Buendia (15) and Michael Olise (12) recorded more assists than Elliott in the Championship, it could be argued that he may potentially help Watford reach new heights if he is able to produce an abundance of creativity in the top-flight.
However, with there being no guarantee that Liverpool will be willing to loan Elliott out this summer, the Hornets may need to focus their attention on other targets in the coming weeks as they look to prepare for life in the top-flight.
Read More - Everything you need to know about the summer transfer window!