Watson, who collaborated with the show's composers Alain Boublil and Claude-Michel Schönberg on his recent album Only One Man, told the Evening Standard he has his eye on the iconic role of Jean Valjean.
"I went to see Cameron Mackintosh about doing Les Miserables," he said. "We've had a good chat about that. It's something I'd like to do. It would give me a huge amount of satisfaction to play a role like Valjean. I would do it in the West End, towards the end of 2014."
The 46 year-old tenor, self-styled as 'The Voice', rose to fame after being discovered singing in a working men's club. He made a comeback in 2010 after recovering from a brain tumour.
He added: "Claude-Michel keeps saying, ‘When are you going to do Valjean?' He said I'd be perfect because I now have the life experience to draw on. Valjean is a tortured soul."