While the Daily Mail stated that a role could exist, Gianfranco Zola is in the frame, as Udinese owner Pozzo waits for his bid for Watford to be accepted. The owners of the Italian club say their attempt to take over is still at a "premature" stage.
The Hornets had stated the Pozzo family had acquired the club from current owner Laurence Bassini "in principle".
On the Udinese website it said,
"The Pozzo family wishes to clarify that any current news or rumour relative to the acquisition of Watford Football Club should be considered premature,"
"While there is a concrete interest, the negotiation has not yet reached the point of being officially signed off with the signatures of the parties on the contracts."
"Further information and news developments will be announced by the Pozzo family as soon as they occur."
Watford current boss Sean Dyche led the Hornets to 11th in the Championship last season.
"There is a strong possibility that [Pozzo] would want to bring some of Udinese's younger players on loan to Watford, which is what he has done with Granada,"
"This has implications for (Manager) Sean Dyche's control over player recruitment and the academy development of young players."
"If they have to be played under instructions from the owner, who currently seems to see Udinese as the focus of his operations, then this would be bad and we would simply become a nursery club for Udinese."
However, Fawell is hopeful that the takeover, which is expected to see Gino run affairs at Vicarage Road, will benefit the club in the long term.
"We would welcome a period of stability and a period when owners buy into the Watford way of doing things," he said.
"We would also welcome owners who are prepared to support and continue the academy."