"I had a great time there as a player," Watson, who is currently working as a pundit for Sky Sports, said. "It's where my daughter was born and I had a fantastic time there.
"Rotherham and the people has played a big part in my life. You don't have the success I had at the club without looking for their results on a Saturday.
"I think the club is all set up for a lot of success, there's a new stadium and the club will get backing. It deserves success and to get back to where it was with the right leadership.
"There is a special place for Rotherham, it was the first club I really took into my heart. I would love a crack at it."