diff --git a/src/lib.rs b/src/lib.rs
index 0797789..5b173e8 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -12,7 +12,7 @@ use std::{
     sync::atomic::{AtomicBool, Ordering},
     time::{Duration, SystemTime},
 };
-use tokio::sync::RwLock;
+use tokio::{sync::RwLock, task::JoinHandle};
 use tracing::{debug, error};
 
 type DurationMillis = u64;
@@ -35,6 +35,10 @@ const MIN_CONFLICT_BACKOFF_TIME: DurationFloat = 0.1;
 const MAX_CONFLICT_BACKOFF_TIME: DurationFloat = 5.0;
 const CONFLICT_BACKOFF_MULT: DurationFloat = 2.0;
 
+const MIN_WATCHER_BACKOFF_TIME: DurationFloat = 1.0;
+const MAX_WATCHER_BACKOFF_TIME: DurationFloat = 30.0;
+const WATCHER_BACKOFF_MULT: DurationFloat = 2.0;
+
 /// Represents `kube-lease` specific errors.
 #[derive(thiserror::Error, Debug)]
 pub enum LeaseManagerError {
@@ -152,7 +156,39 @@ impl LeaseManager {
         })
     }
 
-    pub async fn watch(&self) /* -> (channel, handler) */ {}
+    pub async fn watch(self) -> (tokio::sync::watch::Receiver<bool>, JoinHandle<()>) {
+        let (sender, receiver) = tokio::sync::watch::channel(self.is_leader.load(Ordering::Relaxed));
+        let watcher = async move {
+            let mut backoff =
+                BackoffSleep::new(MIN_WATCHER_BACKOFF_TIME, MAX_WATCHER_BACKOFF_TIME, WATCHER_BACKOFF_MULT);
+            loop {
+                if sender.is_closed() {
+                    return;
+                }
+                match self.changed().await {
+                    Ok(state) => {
+                        let result = sender.send(state);
+                        if result.is_err() {
+                            return;
+                        }
+                        backoff.reset();
+                    }
+                    Err(e) => {
+                        error!(error = %e, "LeaseManager watcher error");
+                        if sender.is_closed() {
+                            return;
+                        } else {
+                            backoff.sleep().await;
+                        }
+                    }
+                }
+            }
+        };
+
+        let handler = tokio::spawn(watcher);
+
+        (receiver, handler)
+    }
 
     /// Try to lock lease and renew it periodically to prevent expiration.
     ///
@@ -171,7 +207,7 @@ impl LeaseManager {
             // Is leader changed iteration?
             let is_holder = self.state.read().await.is_holder(&self.params.identity);
             if self.is_leader.load(Ordering::Acquire) != is_holder {
-                debug!(identity = %self.params.identity, is_leader = is_holder, "lease lock state has been changed");
+                debug!(identity = %self.params.identity, is_leader = %is_holder, "lease lock state has been changed");
                 self.is_leader.store(is_holder, Ordering::Release);
 
                 return Ok(is_holder);
@@ -232,10 +268,8 @@ impl LeaseManager {
         } else if self.is_locked().await && !self.is_expired().await {
             // It's locked by someone else and lock is actual.
             // Sleep up to the expiration time of the lock.
-            debug!(
-                identity = %self.params.identity, holder = self.state.read().await.holder.as_ref().unwrap(),
-                "lease is actually locked by other identity"
-            );
+            let holder = self.holder().await.unwrap();
+            debug!(identity = %self.params.identity, %holder,"lease is actually locked by other identity");
             tokio::time::sleep(self.grace_sleep_duration(self.expiry().await, 0)).await;
             Ok(())
         } else {
@@ -263,6 +297,10 @@ impl LeaseManager {
         self.state.read().await.expiry
     }
 
+    async fn holder(&self) -> Option<String> {
+        self.state.read().await.holder.clone()
+    }
+
     fn grace_sleep_duration(&self, expiry: SystemTime, grace: DurationSeconds) -> Duration {
         let grace = Duration::from_secs(grace);
         expiry