Former Watford striker Tommy Mooney does not think losing manager Malky Mackay to Cardiff City would be a sign of things to come.
Mooney, a Vicarage Road favourite for seven years, believes chairman Graham Taylor will keep the Hornets on a steady course, even if Mackay departs.
"I don't think it's right to call the club a sinking ship," he told BBC Three Counties Radio.
"Yes there's change, but the common denominator is Graham Taylor."
After a competitive season in the Championship, with limited funds and a young side, the Hornets have already lost top scorer Danny Graham to Swansea and could be about to see their Scottish manager head to Wales too.
"It's certainly not a sinking ship, it's a club that just staved off relegation last season and over-achieved this year to get into the play-off positions and finally finished mid-table," added Mooney.
"I can understand why the fans are concerned by the situation, if Malky goes it's obviously a massive appointment to bring the next manager in and hopefully he'll go on and take the club a step further."
Watford hall of famer Mooney played 291 times for the Hertfordshire side between 1994 and 2001, scoring 65 goals in the process.
His former team-mate and current Reading assistant manager Nigel Gibbs, who featured over 400 times for Watford, is being touted as a potential candidate should Mackay leave.
"Nigel Gibbs is a coach, he's got an excellent pedigree in coaching," said Mooney.
"If there was a manager to come in I could see Nigel working with him but I don't see Nigel Gibbs as a manager.
"There's an awful lot of good managers out of work and I'm sure with Graham Taylor in charge, as a player with him for years at Watford, I know very few things surprise him.
"I'm sure he'll be putting wheels in motion, speaking to people and will appoint somebody for the benefit of the club, it won't be a knee-jerk reaction."