Today's Evening News reports that club president David Harris says he is optimistic a deal can be done with the ten-times capped flanker.
But while the key may be the extent to which a rift between 'Sonians and principal backer Martin Krajewski has now healed, Cammy himself insists a return to Myreside is no formality, saying: "I have always said I wanted to go back to Watsonians one day in recognition of all they did for me when I was starting out in senior rugby after arriving from New Zealand in the early 1990s.
"However, it is true to say I have other options open to me at this stage.
"I want to make the decision that is right for me - and also to be fair to Watsonians at this stage. One day I will wear Watsonians colours again but nothing is signed and sealed just yet."
Harris remained more bullish, saying that a new accord with traditional sponsors Joslin Rowe, who have been estimated to put in £100,000 annually to Watsonian funds, was in the pipeline.
"We want to give as much as we can back to our sponsors and benefactors," said Harris.
"So far as Cammy Mather is concerned we are hopeful of putting something together that will be attractive to him. Cammy has a lot of experience to offer as befits a top class player. Having worked in the pro-ranks for the past eight years he is exactly the type who can pass on his knowledge to a string of young prospects we have coming through the ranks."
You can read the Evening News article here