Andrew Taylor is set to return to Middlesbrough as a deal to keep him at Watford has not been agreed.
Taylor was loaned out by Gordon Strachan to the Hornets, but that spell has now come to an end.
Tony Mowbray is now in charge at Boro and has admitted to a liking for Taylor.
However, he accepts that the form of Joe Bennett at left-back means there might not be a need to take the 24-year-old back.
"He [Taylor] is doing pretty well at Watford. There are a couple of issues with Andrew. There's the financial aspect for our club and the Joe Bennett factor as well," Mowbray said.
"I'm trying to encourage Joe to grow in stature every week and try to stamp his name on the left-back position, so there's no real need to rush into bringing Andrew back. He would have a fight on to get into the team.
"But we have had discussions with Watford and the deal in place at the moment doesn't suit this football club, but very definitely does suit Watford, so he might be coming back."
Meanwhile, Mowbray has confirmed he is looking abroad for possible new arrivals this month.
"The market might be abroad, but it might have to be loans because you don't want to commit to foreign players," he admitted.
"As we have seen from one or two here, the transition is difficult at times.
"For instance in Holland it is a lovely passing game compared to the hurly-burly of the Championship.
"They might be high quality, but it takes time for them to bed in and we don't have that time.
"It is a difficult market to work in. But you have to manage change in football clubs. I have no problems with that."