The 30-year-old striker made 10 appearances for the Hornets last season, bagging four goals, but says the Hornets will help him find a new club should they retain the services of their star man.
Deeney, who scored 24 goals last term, has been linked to a number of Premier League clubs and Ranegie claims he will be the club's first choice to fill his boots if the 25-year-old leaves.
He told Swedish newspaper Sports Expressen: "It all depends on the situation.
“The status is if Troy Deeney is sold, I am his replacement. Otherwise the club has agreed to find me a new club."
The Sweden international signed in January on a three-and-a-half year deal after a relatively unsuccessful spell with Udinese having previously plied his trade in Sweden and briefly in the Netherlands.