Watford are still rated as one of the favourites to go down despite naming Marco Silva as their new boss.

The Hornets confirmed on Saturday evening that they had secure the services of Silva on a two-year deal, despite interest from Premier League rivals Crystal Palace and Portuguese giants Porto.

Watford chairman and chief executive Scott Duxbury was delighted to land him and said: “Marco was one of the most sought after head coaches in the Premier League.

“We are delighted to have secured his services and to be welcoming a head coach of his profile and potential.”

Silva replaces Walter Mazzarri, who departure was confirmed before the end of the season, having overseen a season which was far from what Watford wanted as they ended up fourth-from-bottom.

Silva was a free agent after confirming his decision to leave relegated Hull City earlier this week, after turning down the chance to remain at The KCOM Staium.

Despite Hull’s relegation, Silva cemented his reputation as an outstanding coach – as The Tigers were seen as doomed when he took-over.

But bookmakers believe that Silva could be in for another relegation next term and are joint second favourites to go down at 6/4.