The 46-year-old Serbian is out of contract at the end of the season and has yet to agree a new deal despite guiding the Hornets to promotion.
Watford will finish a hugely successful campaign as Championship title winners if they beat Sheffield Wednesday on Saturday, but the future of the man who has taken them up remains uncertain.
However, Press Association Sport understands the Vicarage Road hierarchy are poised to begin discussions with Jokanovic, who is reportedly a target for Sunderland
In October Jokanovic became the Hornets' fourth boss in 37 days in a chaotic start to the season
Beppe Sannino quit amid rumours of dressing-room unrest, his replacement Oscar Garcia had to leave due to ill health and Billy McKinlay lasted just eight days.
Despite the upheaval the former Chelsea midfielder won 21 of his 35 games in charge.
Meanwhile, Hornets captain Troy Deeney has revealed he received a congratulatory phone call from none other than Sir Elton John.
The pop legend, and honorary life president at Watford, rang striker Deeney after they clinched promotion following Saturday's 2-0 win at Brighton.
"I was in the car on Monday with my mum and Elton John phoned me," he told Hornets Player.
"That was a very surreal moment
My mum was buzzing as well, because he's obviously a legend and he was talking to her son!
"He passed on his best wishes
He's a little bit busy so he can't come to the last game - he's got a gig
He was buzzing too, he said some really nice things that I would prefer to keep between me and him.
"He passed on great messages to everyone
It was a nice touch
Up until he came to open his stand (in December), I didn't even know he knew who I was!"
Source : PA
Source: PA