Watford and Newcastle United are discussing a swap involving Isaac Hayden.
The Sun says Watford have also shown an interest in Hayden but know Toon boss Steve Bruce wants Will Hughes in the deal — and they would prefer a straight cash sale to spend on players they want.
Hughes is in a contract dispute with the Hornets and training away from the first-team squad. His asking price is about £12m.
The midfielder wants a rise to Premier League levels but Watford are trying to keep their wages sensible this season.
Bruce faces a fight at Newcastle to get Hughes as some of his senior scouts are opposed to the idea.
