West Brom have made contact with Watford to discuss a possible deal to buy striker Troy Deeney, Sky Sports News understands.
Albion are prepared to pay around £16m for Deeney and the club’s officials believe they have found a way to fund the fee without being in breach of financial fair play rules.
It was previously understood that Baggies boss Alan Pardew needed to sell players to generate the money to make new signings.
Centre-back Jonny Evans, who had been a target for Arsenal and Manchester City, is the club’s most obvious asset to cash in on during the January window.
However, Sky Sports News understands there has been no contact from City or Arsenal since the opening week of the window, with City set to break their club’s transfer record on Athletic Bilbao defender Aymeric Laporte.
Watford remain reluctant to sell to a potential relegation rival, but it is understood they will not fight to keep an unhappy player. It is thought only a big bid for Deeney would convince them to sell their captain.
If the price tag is too high, it is understood Albion have other strikers they are interested in.
Deeney joined Watford in 2010 from Walsall for £500,000 and has gone on to score 102 goals in 234 league games.