SYDNEY, AUSTRALIA - AUGUST 26: Chad Townsend of the Sharks celebrates scoring a try during the round 24 NRL match between the Cronulla Sharks and the Newcastle Knights at Southern Cross Group Stadium on August 26, 2018 in Sydney, Australia. (Photo by Cameron Spencer/Getty Images)

North Queensland are quickly preparing for life after Michael Morgan and Jake Clifford, with lucrative deals reportedly on offer to Sharks veteran Chad Townsend and Broncos young gun Tom Dearden.

Morgan announced his retirement from the game earlier this month after battling chronic shoulder issues, while Clifford signed for Newcastle at the end of last year in a deal that would see him head to the Hunter Valley from 2022.

The twin departures - paired with Josh McGuire's move to the Dragons - has opened up significant wiggle room for the Cowboys, with The Courier Mail reporting both Townsend and Dearden have been tabled seven-figure deals.

According to journalist Peter Badel, the Cowboys and Townsend have come to a verbal agreement that will see the 30-year-old land $2 million across a three-year deal.

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It is understood that incoming Sharks boss Craig Fitzgibbon will hold talks this week with Townsend in hope of retaining the incumbent halfback, who is now tipped to be more than likely to depart the Shire.

News Corp have also reported that Dearden has been offered a deal by the Cowboys upwards of $1 million as the Sharks look to pair the two off-contract halves.

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Dearden is believed to be wanting to remain at Red Hill past 2021, but is sure to be weighing up his options following coach Kevin Walters' previous favouritsm to fellow playmaker Brodie Croft.

Should both Townsend and Dearden flee to Townsville, it would further broaden speculation surrounding the future of Rabbitohs skipper Adam Reynolds.

SYDNEY, AUSTRALIA - APRIL 06: Adam Reynolds of the Rabbitohs in action during the round five NRL match between the St George Illawarra Dragons and the South Sydney Rabbitohs at UOW Jubilee Oval on April 6, 2018 in Sydney, Australia. (Photo by Mark Nolan/Getty Images)

The Cowboys were seen to be leading the race for the off-contract halfback, with the Broncos and Sharks the two other potential suitors in the race for Reynolds.

Both Cronulla and Brisbane will have money to spend, with high-priced, out-of-favour figures listed at either club.

Sharks forward Andrew Fifita has been closely linked to a move abroad, while Broncos five-eighth Anthony Milford was dropped to the reserves last weekend and is unlikely to be at Brisbane next year.

Fitzgibbon is likely to see veteran duo Shaun Johnson and Matt Moylan as priority re-signings, while the future of Josh Dugan hangs in the balance as he is yet to commit to a new deal.