The Argentine-born one-cap Italian international has spent nine years at Lazio, helping the club win two Coppa Italia trophies, with the latter being a 1-0 final win over bitter rivals Roma.
Yet after 235 Serie A appearances for the club, his contract has run its course and with no new deal in sight, he is free to walk away and join another club.
As per the reports, Premier League newcomers Watford, with the help of the Pozzo family, are looking to extend their Italian links and see Ledesma as an ideal addition.
"Watford are interested in 32 year old midfielder Cristian Ledesma, whose contract with Lazio expired after 9 seasons at the club. The contacts are ongoing,” the report claims.
Would Cristian Ledesma be a good addition for Watford?
The 32-year-old offers a wealth of experience, but importantly he has proven in the last two seasons that he still has enough energy to play regular football at the very top level.
A defensive midfielder by trade, Ledesma averaged two interceptions and 1.7 clearances per Serie A match last season, while also chipping in with three assists over the course of the campaign.
Watford will need a big squad to overcome likely injuries and suspensions in 2015/16, and signing Ledesma on a short contract could turn out to be a masterstroke.