Saracens are staying in Watford for the time being, although their chief executive concedes a move to central London "has an appeal".
The Premiership club have been linked with a move to Fulham's Craven Cottage.
At Wednesday's fans forum at Vicarage Road, chief executive Edward Griffiths said they had looked at a move, but for now the focus remained on Watford.
"Central London does have an appeal, but the decision to move is not one just taken on a hunch," he said.
"Yes we have looked at it, but I honestly don't think it's going to happen any time soon. There are always options but to me the focus has got to be on making this place work."
Griffiths said he had held meetings with new Watford FC chief executive Julian Winter, which he described as "very good".
Saracens supporters have expressed concern at the increasing South African influence at the club, which has new South African co-owners, with the targeting of that community in west London given as one reason for talks with Fulham.
Director of rugby Eddie Jones will leave in the summer, after just one year in charge, to be replaced by South African Brendan Venter.
But Griffiths said the issue of attracting South African fans had to be addressed.
"I don't think we should be scared about trying to attract a new audience," Griffiths told fans. "Anybody at Wasps, London Irish or Harlequins would tell you they are also eying these people.
"They do love rugby and they don't have a rugby club in London at the moment."
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