The Spanish coach stepped down as Getafe manager earlier in the year, following a brief spell in charge, amidst apparent frustration that promises made regarding the sale of players, wasn't kept by their club president.
However, according to AS, the modest Madrid club is precisely where Quique will be returning now, with bids for players he worked with during his brief tenure, who made a strong impression.
Top of the list is 23-year-old attacking midfielder, Pablo Sarabia, a talented and exciting player, who learned his footballing craft in the youth system at Real Madrid. With just a year left on his current contract at Getafe, it is believed they would require an offer of over €2.5 million (around £1.8 million), to secure his services.
Considered a priority for Quique, there will likely be strong competition for Watford to beat, given that La Liga side Villarreal are also said to be keenly interested Sarabia, who has represented Spain at all junior levels, including the Under-21's.
Getafe are in a delicate situation financially and must sell players to balance the books. Debts must be cleared over the coming weeks, to ensure the club doesn't risk the same fate as Elche, who suffered administrative relegation from La Liga, after failing to meet financial regulations, including non-payment of player salaries and outstanding debts to the Spanish treasury.
The report claims that along with Sarabia, the Watford boss is also interested in Getafe striker Alvaro Vazquez and left-back Sergio Escudero, although both are regarded as secondary objectives, which would be dealt with as independent negotiations.
A move for 24-year-old Vazquez, who had a disappointing loan spell with Swansea City during the 2013-14 season, would clearly depend on other attacking movements by Watford during the summer. He also has just a year remaining on his contract with Getafe.
Meanwhile, 25-year-old Escudero has three seasons remaining on his contract at Getafe. His footballing career was launched at Real Murcia, followed by a spell in Germany with FC Schalke 04, before he returned to La Liga in January 2013.