Hayden has been ruled out of the tour with an Achilles tendon injury.
"It is obviously disappointing for Matthew Hayden and the Australian side that injury has forced him out of the one-day tour of the West Indies ... however this does create an opportunity to reintroduce Shane Watson back into the Australian one-day side," Fox Sports quoted the Chairman of Selectors Andrew Hilditch, as saying.
"Approximately 18 months ago, we identified Shane as someone we thought could open the batting for Australia in one-day cricket. And in the opportunities he has had since, he has played that role extremely well. He also adds great flexibility to our bowling attack in this format of the game.
"Shane has had a disappointing run with injuries but finished our interstate season well and has sustained his fitness levels throughout the IPL tournament.
"Shane is an exciting young player and deserves his opportunity to return to the Australian side."
Watson, 26, last played for Australia in the 2007 Cricket World Cup final against Sri Lanka in Barbados.
He scored 472 runs at an average of 42 in the Indian Premier League, will join the Australia team together with rest of the one-day squad members in Barbados during the third Test.
Australia play one Twenty20 match and five one-dayers against West Indies.