Watford say they will discuss the future of manager Quique Sanchez Flores at the end of the season.
The Spaniard, 51, was appointed in June of last year following the club's promotion from the Championship.
The Hornets are 12th in the Premier League but have won just twice in 11 league games and lost their FA Cup semi-final with Crystal Palace.
"The club would stress it is very happy with the job Quique and his staff have done this season," a statement read.
"As the club has consistently made clear, no decision has been made on the future of Quique Sanchez Flores and certainly no decision will be taken until the club has held in-depth discussions with Quique.
"Those discussions will only take place once the season has finished."