The Hornets made a complaint to the Premier League over an “unwarranted approach” from the Toffees for Silva in 2017.
And in reaching an agreement, the clubs have avoided a Prem inquiry into claims Everton "tapped-up" the Portuguese.
A Watford statement said: “Everton and Watford can confirm they have reached an amicable agreement regarding the appointment of Marco Silva as Everton manager last year.
“Both Everton and Watford are keen to move on from this matter.”
Silva, 41, was enjoying a successful season with the Hornets before the Everton interest.
He was subsequently sacked in January 2018 — four months before he arrived at Goodison.
And now he's under huge pressure to keep himself in a job at the Toffees.
He is third favourite, behind Maurizio Sarri and Claudio Ranieri, to become the next Premier League manager to receive the chop.
The 1-0 defeat against old club Watford was their third loss on the bounce and fifth out their last six matches.
They have won just two league matches this year against struggling Bournemouth and Huddersfield while suffering a shock FA Cup defeat against Millwall.
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