The Greek international has not established himself at Vicarage Road.
Watford's excellent start to the season has not gone unnoticed with plenty of their players being linked with moves away from the club.
But it is not just the eye-catching names who appear to be warranting interest from big clubs in England and Europe.
SDNA in Greece is reporting that Marseille are very keen on the Hornets player to improve their defensive options. Marseille's current coach Michel was previously in charge of Holebas during his time at Olympiakos - which may explain the apparent interest in his signature.
Holebas joined Watford in the summer from AS Roma but has not been a regular starter for the club.
He has played just five times since arriving with Nathan Ake and Ikechi Anya getting the nod ahead of him at left-back for most of the season.
With that in mind if Watford were to receive a good offer for the player they would have to consider the possibility of selling him to the Ligue 1 stalwarts.