He is currently out of contract at Vicarage Road, and although talks are ongoing regarding a new deal in Hertfordshire, the Serbian boss has yet to agree a new deal.
There is no indication that talks are coming towards an end, and the interest in the 46-year-old would seem to be based upon the fact that he is at the end of his deal, and has only just overseen Watford’s rise to the Premier League.
Any club would do well to secure Jokanovic, who has the best win percentage of any Watford manager in history, but it is Newcastle who would really benefit from his management style - with the Magpies in disarray.
There is a sense at St James' Park that a number of players no longer want to be at the club, and are merely playing through until the end of the season, with a desire to leave. Head coach John Carver has failed to create a sense of brotherhood at the club since his appointment, and the discontent appears to be getting even worse.
Jokanovic has shown he can fix such problems, having completely changed the make up of Watford’s squad upon his arrival. Troublemakers such as Lewis McGugan and Lloyd Dyer were sent away from the club on loan, and Jokanovic built a truly motivated side who came back from all odds to clinch automatic promotion.
He has no trouble with singling out players for criticism, but is well versed in his ability to praise the entire team, and has proven his man management skills on many occasions.
On top of this, he is a proven winner - with league titles in Serbia and Thailand, and the second-placed finish in the Championship - and showed himself to be something of a tactical mastermind, with the Hornets frequently changing systems mid-game, and the victory that secured promotion coming when Jokanovic substituted Ikechi Anya off the field midway through the first-half to defeat Brighton.
He may not be a household name, having managed in England for less than a year, but Jokanovic is truly impressing with the Hornets, and Newcastle will be well aware of his contract situation at Vicarage Road.
There is no denying that the Serbian would agree a contract with Watford if presented to him, but Newcastle could be the team to swoop in whilst talks are delaying, and get him to sign a deal to lead the Tyneside giants out of their perpetual struggles and back into the upper echelons of the Premier League.