The 26-year-old has struggled for game time since arriving at the Hornets in the summer.
He has played only three times in the Premier League this term, all off the bench.
According to The Sun, MLS giants Red Bulls are set to secure the ex-Man United and West Ham attacker.
Their coach Gerhard Struber is a big fan of Fletcher, and will want to secure him quickly.
The MLS season starts this weekend, and their transfer window is open until May.
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