Barcelona are allowed to make an emergency signing this month following a serious injury to Aleix Vidal.
The former Sevilla star dislocated his ankle earlier this month and has been ruled out for the rest of the season.
Barca boss Luis Enrique has been given special permission to add to his squad outside of the transfer window.
And Spanish publication Mundo Deportivo claim Juanfran is a potential short-term option.
The right-back signed for Watford in 2014 and, after not playing a game, signed for Deportivo on a free transfer last summer.
He has impressed in La Liga, scoring four goals from 19 league appearances.
It is claimed Barcelona are exploring their options but are ready to meet his £6.8million release clause.
The Catalan giants are keen of his attacking mindset and view the 28-year-old as a potential long-term replacement for Dani Alves.
Any decision will be made after the next round of matches with Enrique’s men currently a point adrift of fierce rivals Real Madrid, albeit having played two games more.
