The Melbourne Storm aren't panicking over Harry Grant's future, but the clock is ticking to get their star dummy half to agree to a new deal.

Grant, who is the club captain in Melbourne, and plays for both Queensland and Australia at representative level, has officially been signed through to the end of 2028.

It emerged earlier this week though that he has an option as the final year of his deal, which effectively means he can be off-contract at the end of 2027.

Grant is yet to take up that option, and would be free to negotiate with rival clubs on November 1 if he doesn't.

That has the Storm more than a little worried, and while they do have insurance policies to protect their future within the club's playing group, replacing Grant will be next to impossible given his status both among dummy halves in the NRL, and as a leader at the club.

Speaking on Triple M Radio, journalist Brent Read revealed the Storm aren't panicking yet, but understand the clock is ticking.

"I spoke to the Storm. They are very confident they'll get the option taken up and get an extension. They aren't panicking yet, but they have got five weeks to get it done," Read said.

If Grant does get to November 1 without a deal, the expectation is plenty of clubs, including the possibility of the cashed-up expansion outfits in Perth and Port Moresby, would come in with deals that could blow the Storm out of the water.

Melbourne's salary cap is fairly tight given their top heavy nature, and while Grant departing would free up a chunk of cash, that is the not the scenario club powerbrokers are particularly keen on.

The salary cap situation in Melbourne could yet cost them Cameron Munster, with the revelation already made some weeks ago that he will head to free agency after the Storm offered him what was believed to be around $750,000 per year from the start of 2028.