Alberto Botines admits a return to AC Milan could happen.
“Gerard was in his best form at Milan, they're his home," he told Calciomercato.com.
“They're a club he cares about. He had a good six months there. He follows them with great affection.
“He's aware that the fans have always appreciated him. It's always a good situation when Milan want you, knowing there's interest.
“He approached his time there with great serenity, but he's focused on his current club. Watford are a club who let you grow and believe in yourself again.
“He knows if he does well for them, he can get back to playing for a top club. We're talking about two important clubs, who behaved like great gentlemen.
“The situation came about late in January and Watford felt it wasn't the moment to loan him out with an option or obligation to buy.
“The club informed Milan that the player wasn't for sale and preferred to stop talks, thanking Milan for the way they conducted themselves.
“The situation was made clear by the will of Gino Pozzo, who didn't want to sell any of Watford's best players in January.
“The Hornets are fighting to get into the top 10, now they're floating between seventh and eighth place and they preferred not to give the player away.
“Like I said before, he's very happy at Watford. They welcomed him very well, he needed to stay at the club who gave him the opportunity to play every minute, where he could be a leading light.
“He's found a home in Watford and the team are doing well, they're in a good position in the table.
“We'll see what happens next summer. He wants to prove once again that he's a great player.
“Certainly he can go to a club who are even bigger and more important than Watford. Right now he's very focused on the present, achieving his objectives, scoring goals and providing assists for the teammates."