Captain Lloris was forced to withdrawn shortly before Tottenham’s win against Swansea on Wednesday, with illness.
The French international was replaced in Mauricio Pochettino’s starting XI by Vorm – who has only started nine Premier League games during his three seasons in north London – but the Dutchman suffered a minor knee injury in the 3-1 victory.
Both will be assessed directly ahead of the Watford clash, potentially handing an opportunity to Lopez, a 22-year-old loanee yet to make an appearance for the first-team.
Despite his dearth of experience, Lopez is highly regarded by Pochettino’s management team, with the Argentinian declaring he has "trust" in the player's ability.
"Pau Lopez is very young but he's here because we believe in and trust in him," the Argentinian added.
"If Hugo or Michel are not ready he's a keeper that can cope with the pressure of playing."
The Spanish youngster joined Tottenham on a season-long loan deal from La Liga side Espanyol, where he was a first-team regular last season, impressing in matches against both Real Madrid and Barcelona.
It is believed the loan includes a £6m option to buy at the end of the current campaign.
Since moving to England Lopez has been restricted to appearances for Tottenham’s U23 team in the Premier League 2. But the Spaniard has performed well in these games, most notably against Sunderland when he made a stunning reaction stop to deny Joel Asoro.
Spurs are currently experiencing a minor injury crisis with Victor Wanyama also likely to remain on the sidelines for Saturday’s match.
Danny Rose remains injured while Erik Lamela and Harry Winks have both been ruled out for the rest of the season, although Pochettino did announce on his press conference on Friday that Harry Kane has returned to full training.