The 24-year-old has spent the majority of the campaign with Championship side Huddersfield Town on a loan deal.
He still has one year remaining on his contract at Carrow Road, but the former youth England international has revealed that he may depart the Canaries this summer.
"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."
Vaughan has scored 13 goals during his stint with the Terriers.