Watford have announced that Adalberto Penaranda will spend the 2016-17 season on loan at Udinese.
The 19-year-old joined the Hornets from Udinese on a four-and-a-half-year deal earlier this year before spending the second half of last season on loan at Granada.
The Venezuela international, who represented his country at this summer's Copa America, made 23 appearances in La Liga, helping Granada to narrowly avoid relegation.
While in Spain, Penaranda broke Lionel Messi's record to become the youngest non-Spanish scorer of a brace in the top flight.
"The Hornets believe the highly-rated 19-year-old's progress is best served in the immediate future with regular first-team football," read a statement on the club's official website.
Penaranda did not make a single senior appearance for Udinese during his first stint at the club.