The star forward, who is now at the back-end of a decade-long deal with the North Queensland Cowboys that is due to expire at the end of the 2027 season, is on around $1 million per season in Townsville.
New Dragons' coach Flanagan has been on a war path to rebuild the Dragons as quickly as possible, but to this stage, has been unable to land any major signatures.
The Dragons are still waiting for an answer from Heilum Luki, who they have reportedly made an offer for. Kulikefu Finefuiaki, who is also off-contract at the end of 2024, is also in the sights of the Dragons.
But Taumalolo will be one player who is off limits, with News Corp reporting the club reached out to his management to ascertain if there was any appetite to leave Townsville following coach Todd Payten's surprise decision to dump Taumalolo - and teammate Chad Townsend - from captaincy for 2024. They have been replaced by Thomas Dearden and Reuben Cotter.
The publication reports Taumalolo was 'shocked' to lose the captaincy, but has no issues with Payten and doesn't want to leave the club for the time being.
The deal in Townsville, which is expected to be honoured by both Taumalolo and the Cowboys through to the end of 2027 despite some recent form and injury issues, will likely see the forward, who already has 252 games on the board, finish his career as a one-club player.