Watford boss Adrian Boothroyd hopes to persuade Collins John to join the club as Ashley Young moves closer to the Vicarage Road exit door.
The Hornets are believed to have had a £3.25million bid accepted by Fulham for Dutch striker John, who has also been linked with Sheffield United, but Boothroyd could struggle to convince the 21-year-old to join a club who seem destined for an immediate return to the Coca-Cola Championship.
Boothroyd revealed earlier this week that he had rejected a £5m bid for England Under-21 forward Young, as well as turning down two other offers.
But the bids for Young, 21, are understood to have increased to £7m, with Aston Villa, Everton and Tottenham all believed to be in the market for the talented forward.
Sheffield United are also understood to be interested, but it is unlikely that Young would opt to join a club also struggling in the lower reaches of the Premiership.
Tottenham could have an advantage in the race for Young, as Boothroyd is keen to sign defender Calum Davenport and winger Wayne Routledge, who is currently on loan at Fulham.
Meanwhile, the Hornets hope to conclude a £1.2m deal for Rotherham duo Will Hoskins and Lee Williamson before tomorrow's FA Cup third-round tie with Stockport.
They have already made one signing this month, 19-year-old forward Moses Ashikodi joining from Rangers for a nominal fee.