The England under-21 international was one of the top performers in the Championship last season and helped the Hornets to reach the Play Off final.
Watford manager Gianfranco Zola is keen to bring the 18 year old back to Vicarage Road for the season as his first team options at Chelsea are non-existent with the quality of midfield that Jose Mourinho has assembled.
Chalobah signed a new long term contract at Stamford Bridge this summer but Mourinho is keen for him to seek more first team football in the Championship this season with Zola just one of a number of players keen to snap him up.
“We are still looking for players,” Zola told the Watford Observer.
“We can’t offer what other clubs can in terms of money, but I think we can attract players. Nathaniel knows what we are and Chelsea know the type of work we do.
“We can still give Nathaniel something to help him develop. So I am relying on this and we’ll see what we can do.
“We are not struggling, so we will see what we can do. If we can’t improve the team then we will stay the way we are.”
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