In addition, Democrats seeking impeachment are not treating the process in a fair manner, Watters claimed Monday on "The Five."
"This whole scandal feels microwaved to me," he said.
"It feels like Russia was hot and this just feels like a bunch of leftovers."
Watters said Republicans put forward a serious witness list for House Intelligence Committee Chairman Adam Schiff, D-Calif. -- but doubted Schiff would allow many of those individuals to testify.
He commended lawmakers for mentioning the name of Alexandra Chalupa, a Democratic National Committee (DNC) contractor whom a Ukrainian embassy official had claimed reached out for dirt on then-candidate Trump in 2016.
Earlier this year, Ambassador Valeriy Chaly said Chalupa pushed for Ukraine's then-President Petro Poroshenko to mention Paul Manafort's ties to Ukraine publicly during a visit to the U.S., and sought detailed financial information on his dealings in the country, The Hill reported. At the time, Manafort was President Trump's campaign chairman.
On "The Five," Watters added that Hunter Biden was key to the impeachment effort on both sides of the argument, though Democrats including Schiff have resisted calls for him to testify.
"I love how Hunter Biden is 'irrelevant.' Hunter Biden is at the center of this whole Venn diagram -- You take Hunter Biden out of here, there is no story," he added.
"So, of course they'll rig it and they won't let him testify."
The "Watters World" host said that Trump ultimately provided Ukraine with the defense aid before the Sept. 30 deadline, and that Kiev never opened an investigation into Biden or his father -- the former vice president and current 2020 presidential contender.
"We give our ally aid and Joe Biden is not investigated -- remember that -- they get the aid -- and we get nothing in return," he said, referencing critics' refrain there was an alleged "quid pro quo" afoot.
"The Democrats want that to be an impeachable offense? Good luck with that."
Fox News' Gregg Re contributed to this report.