The Hornets could see their defence strengthened with the impending acquisition of the Sunderland man, while Juventus star Pereyra is an exciting attacking addition.
Juventus' Roberto Pereyra in action with Tottenham's Cameron Carter-Vickers
Watford are reportedly close to putting the finishing touches to two more additions over the next few days, giving the Hornets a much stronger squad both in defensive and attacking departments.
The North Londoners are said to be on the cusp of signing Sunderland's former Tottenham captain Younes Kaboul, according to Sky Sports, with the France international wanting to return to London after a year with the Black Cats, while Watford could also break their transfer record by bringing in Juventus and Argentina attacking midfielder Roberto Pereyra.
Chelsea's Diego Costa in action with Sunderland's Younes Kaboul
It leaves manager Walter Mazzarri with various decisions to make about his starting XI heading into the rest of the season
Below is how the Italian might line up his side, though with a much fuller squad there are of course a number of players that can come in for one another.
The London derby against Chelsea this weekend will come too early for either player, but below is a line-up incorporating both players for the following league fixture against Arsenal.
It is expected that Kaboul will come in either at the centre or right hand side of the back three Mazzarri is currently employing, with either Miguel Britos or Sebasatian Prodl dropping out.
Pereyra offers real creative options in a more advanced midfield option, with the other two central midfielders offering enough protection for the Argentinian to link up with Odion Ighalo and captain Troy Deeney.
Watford manager Walter Mazzarri