The former Chelsea midfielder is set to take the reigns at Vicarage Road.
Whilst his name will be unfamiliar to many, he spent just under two years in England, before leaving Premier League side Chelsea at the age of 34.
He is currently in charge of Spanish club Hercules, and his management experience is said to be a key factor in his appointment, with the Pozzo family - owners of Watford - keen to replace McKinlay with a man with proven pedigree.
According to the report, the Pozzo’s were unwilling to keep McKinlay in charge due to his lack of experience, with the Hornets squad capable of fighting for promotion. It is said they were afraid that his inexperience may come back to haunt him later in the season, and that it could result in the Scot losing his job.
Despite Jokanovic’s reputation as both a player and manager in mainland Europe, he is little known in England, and so here are five facts about the man set to lead Watford out for the remainder of the Championship campaign.
1) A defensive midfielder in his playing days, he made his name with FK Partizan in his homeland of Serbia, winning two Yugoslav titles before heading to Spain. He played over 200 games in La Liga for three different sides, winning the title in 2000 with Deportivo La Coruna.
2) The 46-year-old is most well known in England to fans of Premier League giants Chelsea, with whom he appeared 39 times during a two-year stay in West London. He left the club as a 34-year-old in 2002, before retiring three months later after a short spell with Spanish second division side Ciudad de Murcia.
3) An international regular during his playing days, he made six appearances for the former Yugoslavia, before playing 58 times for Serbia and Montenegro, starring at the 1998 World Cup and Euro 2000.
4) His coaching career has seen him return to Partizan, winning two Serbian titles and two Serbian cups, before spells with Thai side Muangthong United and Levski Sofia in Bulgaria. During his time in Thailand, he led Muangthong to their third Premier League title in their history, remaining defeated for the entire season. He was also voted Serbian Coach of the Year in 2008.
5) His most recent spell with Hercules has seen them race to the top of Segunda Division B Group Three standings, with the Spanish side topping the table after seven matches played.