MELBOURNE, AUSTRALIA - SEPTEMBER 13: Cameron Munster of the Storm looks on during a Melbourne Storm NRL training session at Gosch's Paddock on September 13, 2019 in Melbourne, Australia. (Photo by Kelly Defina/Getty Images)

Wayne Bennett and the Dolphins are reportedly set to keep Cameron Munster's annual wage in seven-figure territory should Melbourne refuse to up their contractual extensions.

As it currently stands, Munster is set to earn in the vicinity of $1.2 million for each of the next pair of seasons - but with rich deals inked by Harry Grant and Jahrome Hughes, this figure is set to fall to just $750,000 each season.

While the extension tabled by the Storm to the Queenslander and his manager, Braith Anasta, would see him remain clad in purple until the cessation of the 2026 NRL season, should the price plummet fail to interest the playmaker, the Dolphins are said to be circling.

According to Triple M’s Ben Dobbin, the Redcliffe club are more than open to keeping Munster within the league's millionaires club - an unsurprising fact given their inability to lure any marquee talent north thus far.

“At the moment he has been in some negotiations with the Storm about an extension. Currently at the moment, my understanding is that he has only been offered $750,000-a-year for a three-year extension,” Dobbin stated.

“To put it in context, next year at the Storm he’s on $1.2 million a year. So the Melbourne Storm clearly don’t think that Munster is worth the money the following year hence that figure of $750,000.

“Enter our friends, the Dolphins. The Dolphins have gone on record and have absolutely said this to me today that they are prepared, if they could get Cameron Munster, to pay him a three-year deal at $1 million a season."

Dobbin went on to suggest that the battle lines between a future under Bellamy or Bennett had been drawn.

“I think he’s worth $1 million to the Dolphins, but is he worth $1 million to the Storm? Clearly not," he added.

“They just recently signed Jahrome Hughes for big money, they’ve got Harry Grant locked away, they’ve got Ryan Papenhuyzen locked away, Xavier Coates.

“They have what they believe (are) their playmakers and matchwinners.”

Munster and Melbourne are set to continue their season on Saturday afternoon when they travel to face Canberra in the nation's capital.