Watson was suspended for 11 games in August after the NFL ruled he had violated the league's personal conduct policy amid accusations of sexual assault and misconduct.
The quarterback, who was traded to the Browns in the offseason, practiced with the team for the first time two weeks ago, and is primed to make his bow against his former franchise the Houston Texans on Sunday.
With the 4-7 Browns keeping their slim playoff hopes alive with Sunday's win over the Tampa Bay Buccaneers, Chubb hopes the quarterback can help them to a positive end to the season.
"We're all excited," Chubb said. "We've waited a long time for him to come back.
"He's special – he's a playmaker. He puts the ball exactly where he needs it go. Guys like that. The guys are excited."
Cornerback Denzel Ward echoed Chubb's thoughts regarding Watson, adding: "He's a great player. You can't go wrong with great players."
Having sat out the entirety of his final campaign with the Texans, Watson has not played a regular-season game since January 3, 2021, but linebacker Jeremiah Owusu-Koramoah hopes he can hit the ground running.
"There's an excitement, for sure," he said. "We know what he can do with what we've seen so far. So we're looking forward to seeing him [play]."