I dropped my iPhone in deep salt water. I bought a new phone and want to pair my watch with the new phone. Do I reset from the watch?

I dropped my iPhone in deep salt water so it was irretrievable. I bought a new phone 11 and want to pair my Apple watch with the new phone. Do I have to reset the Apple Watch, starting over to pair with the new phone as I cannot unpair from my old phone at the bottom of the ocean?