The Hornets remain in the market for midfield reinforcements after missing out to Championship rivals Queens Park Rangers for Tottenham Hotspur youngster Tom Carroll.
Having failed to land one top target, Zola is ready to turn his attention back to Chalobah, who spent last season at Vicarage Road from Chelsea.
The 18-year-old remains some way down the pecking order at Stamford Bridge and Watford hope the lure of regular football in the second tier will convince him to re-join their ranks.
Zola told the Watford Observer: "We are still looking for players.
"We will see if there is anything and we will need to work on that. It is the same as Tom Carroll, we will try and attract the players with what we can offer.
"We can't offer what other clubs can in terms of money, but I think we can attract players. Nathaniel knows what we are and Chelsea know the type of work we do.
"We can still give Nathaniel something to help him develop. So I am relying on this and we'll see what we can do.
"We are not struggling, so we will see what we can do. If we can't improve the team then we will stay the way we are."
While Zola missed out on Carroll on transfer deadline day, he was able to keep England U21 goalkeeper Jonathan Bond on his books amid reported interest from Newcastle United.
He added: "We want to keep Jonathan and he is the future of this club. I am pleased to see that he keeps progressing and that is a very good thing.
"There were some players who have been linked with other clubs, some was speculation and some was genuine interest.
"But fortunately for me and for the club, everyone stayed and we can look forward to finishing this season properly."