But Maloney won't be lacing on the gloves himself, and is backing Heywood puncher Mark Thompson to do the job for him, later this year.
Maloney was upset when Failsworth's Commonwealth welterweight champ Watson walked out at the end of his recent three-fight contract in order to join David Haye's new promotional outfit Hayemaker.
He claimed Watson had been disloyal and was initially believed to be seeking legal recompense, although Watson claimed he had simply received a better offer and was looking after his own interests.
Rumours of legal action soon dissipated, and now Maloney wants Thompson to exact vengeance on his behalf, by taking away the Commonwealth belt which Watson won by beating Matthew Hatton at the City of Manchester Stadium last May.
Thompson must first come through an eliminator bout against Ghana's Philip Kotey in Stoke on January 23, but if he does, Maloney will be going all out to land an all-Manchester `derby' fight.
"Mark's manager Steve Wood has been nagging me like the wife to get his man in with Watson," says Maloney, the former manager of Lennox Lewis.
"Right now, I'd say that Mark is one of the Britain's most concussive punchers and I believe he will walk through Watson.
"In fact I think the African is a tougher test than Watson will ever be."
Thompson is a legitimate contender, having won 18 of his 19 professional fights, his only loss coming when he creditably stepped up a weight at a week's notice to take on South African champion Vincent Vuma in 2007.
Victory over Kotey would make a showdown with Watson almost unavoidable.
And for Maloney, the fight would be more than just business: "I am very upset with Craig, and a fight against Mark has become personal for me because he walked out after I built his career," he added.
"He listened to hot air spoken by someone else and decided he would be better off elsewhere.
"Like other fighters who have returned to me over the last year he will find the grass isn't greener on the other side.
"Other fighters I took back, but Watson will discover there is no room at the inn if he wants a stable to return to." Tweet

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