Deeney has been out of action since February after tearing his Achilles, but he is now back running again.
In his absence, Watford have been fighting near the top of the Championship and they are currently second with six games to go.
They are nine points clear of Brentford in third, who have a game in hand, ahead of tonight’s clash with play-off contenders Reading and, while Deeney will miss that, he could still make his comeback before the season ends.
“I know Troy is working very hard on this,” said Watford boss Xisco Munoz. “I don’t know exactly when he is coming back, because we have the problem with the injury.
“But I hope and I know, and everybody knows, Troy is important for us and if he comes back faster it is better for the squad.”