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The Hornets have decided to part company with the 50-year-old Serbian despite him leading them to automatic promotion.

But Jokanovic is already eyeing another job in the top flight, with Newcastle and Sunderland both interested in him.

Sunderland want Dick Advocaat to stay after he successfully guided them to Premier League survival.

But Jokanovic is one of the names being strongly linked to the Stadium of Light should he decide to quit this week.

Jokanovic is also likely to find himself on a shortlist for the Newcastle job which already includes Remi Garde.

But he expects to have no shortage of suitors after becoming only the third foreign manager to win promotion to the Premier League.

Jokanovic had been in talks with Watford for weeks over his contract, which expires this summer.

But the Hornets have decided to part company with him after failing to agree to his wage demands.

Watford have offered his job to former Atletico Madrid coach Quique Flores, who looks set to accept.

Flores, who won the Europa League with Atletico in 2010, would become Watford's fifth new manager in ten months.

His agent was in London on Monday and further talks will be held today.

Sources close to Flores told Starsport: "He has always desired to work in the Premier League and he now has the chance to do that."

Flores is also wanted by Granada, which is also run by the Pozzo family which owns Watford.