Veteran NRL coach Wayne Bennett has reportedly agreed to terms on his return to the South Sydney Rabbitohs.

The 74-year-old has said more than once this season that he wasn't ready to give up the clipboard at the end of his tenure with the Dolphins, and it's now understood his move back to Redfern is all but confirmed.

Jason Demetriou, who was axed earlier this year, had originally replaced Bennett when the super coach left the club at the end of the 2021 season.

Now, Bennett will move back in to take over the same hot seat, with interim coach Ben Hornby to first see out the year.

According to The Sydney Morning Herald, Bennett has done a deal with the Rabbitohs that will see him take over for a three-year stint through to the end of 2027 on a deal worth around $1 million per season.

It's understood that while the deal has not been officially signed yet, Bennett has agreed to the terms of the contract with Rabbitohs' officials in Queensland on Monday to speak with Bennett.

All reports suggest the deal will be signed off over Magic Round, and will be announced by the end of next week, with Bennett to then officially resume his chair at Redfern from the end of the season.

That said, until it is officially signed, there will be no let up from Rabbitohs' officials.

The move is a big one for Bennett, who had originally moved to the Dolphins to head home to Queensland.

Instead of staying there though, he will now head back to Sydney where he faces the somewhat daunting task of rebuilding a Rabbitohs side currently anchored to the bottom of the NRL ladder following last year's dramatic fadeout which saw the club miss the finals despite having led the competition after 11 rounds.

The Rabbitohs - through chairman Blake Solly - made it clear the club were keen on speaking with Bennett the morning after Demetriou was axed.

Bennett's previous stint at the club between 2019 and 2021 failed to deliver a premiership, but the club made one grand final and a preliminary final in each of his other seasons.