Newcastle Knights development contracted young gun Tex Hoy's reported move to Hull FC could be on shaky ground.

It was understood that Hoy was set to link up with the English outfit from next year, however, it's now understood that the club are looking for an immediate replacement following the recent departure of Josh Reynolds.

Reynolds went to the club as a marquee player, but was anything but during his stint there, and despite it being halfway through the season and the injury-prone star having an option on his contract for 2023, he and the club elected to part ways a fortnight ago.

It means Hull - who are on the edge of the finals picture - have been left looking for an immediate replacement, which seemed to be shaping as Tex Hoy.

However, according to The Newcastle Herald, if the move for Hoy doesn't happen immediately, it won't happen, with the club set to look in another direction if he can't secure a release from the Knights.

At this stage, reports suggest a release is something the Knights aren't willing to grant Hoy, who has played at both fullback and in the halves this year, but is currently an important part of the struggling squad given Kalyn Ponga's problems with concussion, as well as his State of Origin commitments in Billy Slater's Queensland Maroons' squad.

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Brett Hodgson told English media that Hoy's signing was a "50-50" thing.

"It's tough to call. It's 50-50 if I'm brutally honest," Hodgson said.

"There's a number of factors. Whether or not it happens with us and his management, we'll see how it goes."

Hoy played his fifth game of the season in Friday's win over the Gold Coast Titans, with Ponga missing due to concussion. The clash took his career tally to 22, however, the 22-year-old has failed to have his contract upgraded to that of a Top 30 player.

Coach Adam O'Brien suggested he could yet be re-signed when speaking at the press conference, while the youngster reportedly had a clause in his reported Hull deal allowing him to stay in Australia if an NRL opportunity arose.