Four-time premiership winner Mitch Kenny agreed on a four-year extension that keeps him at the Penrith Panthers until the end of 2031.

Since becoming the starting dummy-half after Api Koroisau left to join the Wests Tigers, Kenny has become an important piece in the Panthers' structure.

Speaking to SEN Radio, Kenny revealed why it was important to stay with Penrith despite looking at different options.

"My preference is always to stay," Kenny explained on SEN's Kick Off.

"But you don't always get what you want in life or in footy, so I thought I would've been silly if I probably didn't consider what my other options were.

"But thankfully, Penrith were keen, and we're able to get a deal done.

"So, I'm really happy with that and looking forward to extending my time out here."

Kenny, like his other teammates, understands the business of the salary cap and the Panthers' situation of not being able to keep everyone. He does hope there will be teammates willing to stay with him when Peter Wallace takes over as the head coach.

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"It's obvious that we're going to feel the pinch of the salary cap, and we have for a number of years, and now we're in this pretty unique situation where we have so many key guys coming off at the same time," he said.

"You'd imagine that it'd be hard for everyone to stay together.

"I think we'd all like to, but being realistic, probably don't know if that's going to happen, and each one of us would never begrudge the other for doing what's best for them and their family.

"If there's a way that we can all stay together. I think everyone wants to do that. But the business nature of rugby league is probably just not going to allow for that.

"So, it'll be sad to see anyone move on, but you always know that they're going and taking an opportunity elsewhere, which is either better for them or financially, it's a bit of a boost."

Kenny is expected to return to the first-grade side against the Parramatta Eels in Round 21, after losing their third game in four weeks.

The 28-year-old has been unavailable since Round 7 after sustaining a fractured fibula and a syndesmosis injury. 

On Wednesday morning in a press conference, Ivan Cleary spoke highly of Kenny, praising his development as a player.

"Mitch is a huge part of our team, not just the way he plays, but he's a great leader, great team man," Cleary said.

"He started in this position under difficult circumstances, taking over from Api (Koroisau), who is still one of the best in the league and who was so important to our early premiership victories.

"He's made that spot his own, and I'm stoked that he's just about ready to stay on here at Penrith."

The Penrith coach also teased that there are more re-signings to be announced.