Developments surrounding the 25-year-old's future arrive just days after the Hornets were linked with a move for West Ham United winger Maxwel Cornet.
Chakvetadze has made a steady start to the second-tier campaign for Watford, scoring once and providing four assists across 20 league appearances.
Since making his international debut in 2018, the forward has established himself as a regular for Georgia, netting nine times from 35 senior caps.
Under the stewardship of Tom Cleverley, Chakvetadze and Watford are defying the majority of pre-season predictions and currently sit seventh in the Championship standings, level on points with the playoffs.
Leicester join Everton, Wolves in Chakvetadze race?
According to Football League World, a new runner has joined the intensifying race for the services of highly-rated attacker Chakvetadze in the near future.
The report claims that Premier League strugglers Leicester are keeping close tabs on the performances of the 25-year-old Georgia international.
The Foxes are not alone in their fondness of the attacker, though, with top-flight rivals Everton and Wolves also keen on the promising player.
With Chakvetadze's current deal at Vicarage Road expiring in the summer of 2029, Watford are in a good position to drive a hard bargain for the starlet.
A £20m price tag was branded about in October for the forward, and it could supposedly be the case that potential suitors are deterred by the Hornets' financial demands.
Is Chakvetadze ready for the Premier League?
Chipping in with five goal contributions across 20 Championship matches, those purely viewing the statistics would question whether Chakvetadze is ready for a Premier League club.
On the other hand, regular watchers of the second tier can testify for the attacker's talents, especially his ability to glide past opposition defenders.
The next step in Chakvetadze's development is to add consistent goals and assists to his game, in which case he would be a good acquisition for most clubs in the bottom half of the Premier League.
Written by
Carter White