The 27-year-old is midway through a second loan spell at Vicarage Road, having made the switch from Merseyside in January, and has quickly established himself as a firm fixture in the side, starting the last seven matches and recording two assists.
Cleverley has made eight appearances in total for Watford and one more will reportedly activate a clause in his loan deal which will see him join the Hertfordshire outfit permanently at the end of the season.
Given his recent run of games, Cleverley could seal a move when Watford face Sunderland on April 1.
Cleverley is clearly surplus to requirements at Everton, having dropped down the pecking order under boss Ronald Koeman, and a permanent switch would appear to suit all parties.
There is no mention of a fee but given he still has three years left to run on his contract at Everton, Watford can expect to part with a reasonable sum.