The Italian family already own Udinese and Granada and are closing in on a deal to buy the London club while admitting that the former Chelsea star could be part of their set-up
The Pozzo family, who also own Udinese and Granada, are poised to take control of Watford following a recent announcement that a deal is in place with current owner Laurence Bassini, and speculation has linked Zola with the manager's role.
Pozzo admitted that Zola could be involved in his project but also insisted that there are still a number of obstacles to be cleared before any possible appointment.
"There are contacts with Watford, so we'll see," Pozzo told Gazzetta.it.
"Gianfranco Zola enters in the project, but it's too early to talk about it."
Zola, 45, has previously had a spell as assistant manager of Italy’s Under-21 side as well as two-year stint in charge of West Ham United.
Current Watford boss Sean Dyche took over last summer after Malky Mackay left the club to join Cardiff City, and helped the club to finish in 11th spot in the Championship.