He is the club's eighth permanent manager since the start of 2018.

"We are not frantically running around, scrambling around, thinking we've got to bring in loads of players," the 39-year-old told BBC Three Counties Radio.

"There's a lot of quality here but we are working on one or two targets."

Meanwhile winger Philip Zinckernagel has completed a move to Olympiakos for an undisclosed fee.

The 27-year-old spent last season on loan with Nottingham Forest.

Former Wales international Edwards continued: "I would expect movement, but we've got some wonderful players at this club.

"There will be changes. I think that's inevitable when a club gets relegated, you want to try and build a really strong group and bounce back and that's what we intend to do, and will do."

Watford won only six of their 38 Premier League games last season under Xisco Munoz, Claudio Ranieri and former England boss Roy Hodgson as they suffered an immediate drop back to the second tier following promotion in 2021.

Five players were subsequently released, including goalkeeper Ben Foster and striker Andre Gray, and Cucho Hernandez was sold to US Major League Soccer club Columbus Crew earlier this week.

"We're a big football club in a competitive league, so every game is going to be a challenge," said Edwards.

"There are some younger head coaches now getting opportunities to show what they can do.

"We all have extremely talented people that we are working with, and that we need and rely on to be able to do a good job and, of course, the players are the most important ones.

"It's really exciting to go up against some of these people, someone like Vincent Kompany (at Burnley) had an unbelievable career and is a Premier League legend, so that will be great."

He added: "Life's too short to worry about risks and challenges - I'm going to enjoy it, embrace it and absolutely go for it, and that's what I want our players to do. I want us to dream and enjoy the ride."