Watson's five-goal haul in last week's 16-point win over North Melbourne lifted his season tally to 52 goals.
It means Watson became the first player since Syd Dyer and Lou Richards in 1946 to kick 50-plus goals in a season despite being 170cm or shorter.
Sydney's 194cm forward Charlie Curnow leads this year's Coleman medal count with 57 goals, with Gold Coast's 202cm spearhead Ben King (53 goals) in second and Watson lurking in third.
Hawthorn face Brisbane at the Gabba on Friday night before rounding out their home-and-away campaign against Collingwood and West Coast.
A big finish from Watson could be enough to snare him the Coleman, and although Mitchell says the Hawks won't go out of their way to target him in the next three weeks, they would celebrate his achievement if he gets there.
"It'd be great if it happened," Mitchell said.
"But he's young and he's got plenty of opportunities in front of him.
"I certainly hope that's not the focus of the lads going into a game like this. But I won't be shying away from it, if he gets that opportunity of course."
Watson, fondly dubbed 'The Wizard', is already a superstar of the competition despite being just 21 years old and 61 games into his AFL career.
"The level of consistency is probably the best thing that we've got from Wizard this year," Mitchell said.
"And it's probably one season earlier than most. He's certainly maturing. Like he's 21 years old and he's quite popular, and how he handles that is really impressive."
Third-placed Hawthorn (14-5-1) haven't won at the Gabba since 2016, but they have only played three games at the venue since then.
Mitchell wants his team to use Friday's blockbuster against two-time defending premiers Brisbane (13-7) as an interstate finals rehearsal.
"I think if you look at the ladder most Victorian teams are going to have to win interstate at some point, and this is a start for us," said Mitchell, who earlier this week re-signed with Hawthorn until the end of 2030.
The Hawks have a number of selection queries heading into the crunch clash with Ned Reeves (knee), Karl Amon (knee), Mitch Lewis (concussion) and Henry Hustwaite (face) all under injury clouds.
Meanwhile, an American court has formally dismissed charges against Hawthorn player Connor Macdonald for his off-season misadventure.
Macdonald and teammate Dylan Moore spent a night in a US jail after being charged with trespassing for climbing onto a cherry picker.
Moore's case was wrapped up last month, while Macdonald's case has also now been concluded with the pair having previously agreed to complete a substance abuse counselling program.
"It's probably nice for them to have it off their back," Mitchell said.
"They're both having really good seasons and really pleased with their performances. Sometimes dealing with adversity can make you grow, and I think they've both done that this year."
