Wayne Bennett's imminent appointment as head coach of the South Sydney Rabbitohs is expected to be confirmed shortly after Magic Round, marking the end of weeks of speculation.

Reports on Wednesday suggested Bennett had agreed to a three-year contract worth $3 million. While Bennett, the current Dolphins coach, has denied signing any agreement, Australian Kangaroos coach Mal Meninga has come out publicly to say that Bennett's value exceeds the reported figure, given his legendary status in the sport.

“He's probably worth more,” Meninga stated on SEN 1170.

“I would suspect that... there would be some other incentives built into that, for sure.

"I think he's worth more than that, to be honest with you, he's the grand master... Wayne is the master, the grand puppeteer.”

Bennett's name has been linked to the Rabbitohs role since early in the season. His potential return became more likely following the departure of former coach Jason Demetriou three weeks ago. The Rabbitohs and Bennett have reportedly been in discussions since then, identifying him as the clear favourite.

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Bennett has led the Dolphins through an impressive debut season in the NRL, and rumors suggest he may be interested in coaching the 18th NRL franchise when the league expands in the coming years.

Meninga highlighted Bennett's track record of building successful teams from the ground up, as he has done with both the Broncos and the Dolphins.

“The thing about Wayne is, he's setting himself up to say, ‘Listen I can start clubs up now',” Meninga added.

“He's done the Broncos and the Dolphins now hasn't he, so can say, ‘I can come along and help your club, I can get it to a situation where it's a sustainable and successful club', like he's doing with the Dolphins."

The Rabbitohs are expected to officially announce Bennett as their new head coach in the coming days, bringing an end to the speculation and confirming his return to the club.

South Sydney remain planted at the bottom of the NRL ladder after 10 rounds.