It is a move that will provide the club wth financial flexibility and could bolster their chances of signing Bulldogs prop Aaron Woods.
Feki is contracted at Cronulla until the end of the 2019 season but is permitted to leave if he can find a suitable destination.
The 27-year old has made 117 NRL appearances for the Sharks and also represented his native Tonga.
Releasing Feki could provide Cronulla with the extra finances necessary to up their offer for Woods, who Canterbury have held firm on unless offered a suitable price tag.
The Bulldogs may end up releasing Woods from his contract to ease their dire salary cap situation that could ruin their 2019 season.