Josh Schuster's tenure at the Manly Sea Eagles is set to come to a close, with the club set to terminate his contract as early as this week.

Although he is contracted until the 2027 NRL season, Schuster has been granted to speak with rival clubs in recent weeks, and the club confirmed that he would be granted an immediate release from his current contract if he can find a new team.

However, with no team showing an interest in his services, the club are set to terminate his contract prematurely to open up a roster spot, free up salary cap space and allow him to become a free agent, per The Sydney Morning Herald.

It is understood that he will still earn $200,000 across the next three seasons but is significantly less than the contract he signed last year which would earn him $800,000 per season - $2.4 million altogether.

Schuster's exit and termination of his contract are said to be mutual, according to News Corp, as the club has met with the NRL salary cap auditor and his agent, Mario Tartak.

Despite Manly suggesting he was as fit as he had ever been at the end of the pre-season, where he suffered a broken hand and chicken pox, Schuster missed the first few weeks before returning through the NSW Cup.

The forward said he understood he was at an important stage of his career and was disappointed with how things worked at the Sea Eagles.

“I know I'm at a really important stage of my career – I don't want to waste my talent," Schuster previously told the Herald.

"I'm disappointed that things are not working out at Manly because I was really hoping to make it here.

“Right now I have to admit my mind is on lots of other things. I need time and space to get it right.

"I know I will with the support of my family and friends ... and I really have the desire to make it back, get to the top and stay there for a long time.”

According to multiple publications, all 16 NRL clubs declared no interest in the 22-year-old when asked last week with some critics urging him to move overseas to the Super League in England.