The striker still has a year left to run on his contract at Carrow Road, but was deemed surplus to requirements by the Canaries when they allowed him to link up with Huddersfield on a season-long loan.
He has impressed with the struggling Championship club, netting 13 times to offer them hope in their battle to avoid the drop.
It has been suggested that he could stay on with the Terriers, as Norwich are set to bolster their attacking ranks further with the signing of Ricky van Wolfswinkel, but Vaughan is ruling nothing out at this stage.
"Clubs will always sign new players, it's a fact of life in football," he said in the Huddersfield Examiner.
"There will always be competition for places wherever you are and whatever level you are playing at, and any footballer must be ready to fight for his place. If it comes to it, I will do that at Norwich, but if I end up moving on, so be it.
"This isn't the time to talk about the future. At this moment, I want to concentrate on keeping Huddersfield Town in this division.
"I'm sure if that's achieved, and I'm very optimistic it will be, all the concerned parties will have conversations and see what the best way forward is."