Sordell has notched seven goals this season and has impressed on his six appearances for the England Under-21s.
Watford, battling to stay in the Championship, would love to hang on to the forward but financial restraints may encourage manager Sean Dyche to take what he can get for Sordell.
Scouts from both Blackburn and Bolton believe the 5ft 10in star can add to their front lines at a time when both need to revitalise their squads.
Sordell, who averages a goal every three games in a Hornets shirt, is extremely highly-rated and many experts believe he has the pace and technique to make an impact at the highest level.
Bolton hope to reinvest the money they receive from the sale of Gary Cahill, whilst Steve Kean has been meeting Venky's this week in a bid to release cash for a January spree in order to retain their Premier League status.