Head coach Sabri Lamouchi is said to have told Watford “he is happy at Nottingham Forest”, following two approaches from the Premier League side.
The Hornets axed manager Quique Sanchez Flores after losing 2-1 to Southampton on Saturday, with the club propping up the top-flight table, six points from safety.
Reports in Lamouchi’s homeland say they have looked to the Frenchman as a potential replacement, but have twice been turned down by the Reds chief.
Get Football News France say Watford “made initial contact” following Sanchez Flores’ sacking, before returning in the last few hours.
They say: “Lamouchi rejected them on both occasions, telling Watford that he is happy at Nottingham Forest.”

Lamouchi took charge at the City Ground back in June, penning a one-year contract, and has made a significant impact in a short space of time on the banks of the River Trent.
The Reds sit fourth in the Championship table with 18 games gone and head to Millwall on Friday night looking to bounce back from a defeat to Cardiff City last weekend.
As well as the reported overtures from Vicarage Road, the 48-year-old is also said to be on the radar of Wolverhampton Wanderers, should they lose Nuno Espirito Santo to Arsenal.