The Nigeria international has twice been linked with transfers to the Chinese Super League in the past, Hebei Fortune China having made an unsuccessful bid to land him in 2015.
The 27-year-old's 17 goals last season then saw him linked with a £37.5million switch to Shanghai SIPG, only for the Hornets to turn down the offer before agreeing a new five-year contract with the striker.
For the third year in succession it is being reported that a team in China is ready to lodge a significant bid for Ighalo with SIPG's city rivals Shenhua chasing him.
Having scored just twice in 18 appearances this season, Watford could be more open to letting Ighalo leave this time around and reinvesting the money.
Watford last week