It has been a fantastic return to the top flight for the Hornets this season with a trip to Wembley to face Crystal Palace in the FA Cup semi-finals on the horizon this weekend.
Birmingham-born Deeney, who grew up supporting the blue half of the city despite coming through the academy of bitter rivals Aston Villa.
With 10 goals, the 27-year-old Hornets skipper has been a key player for Quique Sánchez Flores' side this season.
In truth Watford have stayed up comfortably and their position in the top flight has never been truly questioned at any stage of the campaign.
Deeney has formed a deadly partnership with fellow striker Odion Ighalo which has fired the Vicarage Road outfit's form.
But in a post on social networking site Twitter, Deeney has admitted his future could be at his boyhood club.
When asked by a fan whether he thought he would play for the Blues one day, Deeney responded: "Hope so would need to work for both parties though."
Hope so would need to work for both parties tho https://t.co/lCvxf9AhWT— Troy Deeney (@T_Deeney) April 16, 2016
Whether that move would materialise in the near future is doubtful given Deeney was being linked with Arsenal in January, as reported by the Mirror.
City are enjoying something of a resurgence under Gary Rowett this season and will be looking to mount a challenge for promotion next season.
Bringing in a player like Deeney would give Rowett's side a massive boost to that regard.
But in reality Deeney may well find himself playing for his boyhood club when his contract expires in the latter days of his career.