goalkeeper Neto will snub any approach from Watford as he wants to join Valencia instead.
The 27-year-old wants to quit the Italian champions this summer in search of more first-team football elsewhere.
Watford are fans of the Brazilian and reports in Italy state they have lodged a bid of around £7m for him.
However, according to reports in Italy, the Hornets' pursuit will have a sting in the tail as Neto actually wants to join Valencia.
The goalkeeper is said to prefer a move to Spain over England and talks are now underway.