slavic "voda"

There is the meaning of "king" in Rom. which is "vodã", word seen by
linguists as a short form of "voievod" word which is a loan from Slavic
"vojevoda".
The slavic word seems to me a compound of voje+voda. At least the
compound make sense in Rom. the word meaning "the will of king", I don't
know if it make sense in Slavic. The word "voie" (will) is explained
trough Slavic "volja". Now there are some trouble ( maybe false trouble
due my ignorance).
If Rom. got the word "volja" from Slavic, then there must be in slavic a
"voljevoda", but not an "vojevoda", or the Slavic acts too as Rom.
loosing the "l" when followed by "i" in a certain time .
The word "voda" means actualy "water" in Slavic, thus no connection with
"king".
I can just think at the germanic "Wodan" here for conecting it with the
meaning "ruller", "king".
Now, is there a coincidence that later the Rom. simplified the slavic
word "vojevoda" to the word "voda" word which resemble nicely the
germanic "wodan"?

How is seen in fact the analysis of the word "vojevoda" in Slavic?

Alex