Oates had a player option in hand for the 2024 and 2025 season but was reported to have declined it earlier this season hoping for either a long-term extension or more money elsewhere.
The winger has spoken multiple times publically on his love for the Broncos though, and News Corp are now reporting that he will instead remain at Red Hill on yet another pay cut.
He had already taken a pay cut to remain at the Broncos in 2022, with the rumoured value of the deal being $450,000. He will now be on less than that heading into 2024.
Oates confirmed the status of his negotiations to the publication.
“Those are the things you have to do (cop a pay cut) when you are an older player and you have been here for long enough,” Oates said.
“I've always known that, but that's the way it happens when you want to keep a great team together.
“The way it works these days, if you have to move on, you have to move on.
“But I have made it pretty obvious in my career that the Broncos is always my place.”
Oates' reported signing to come in the next few weeks will see the Broncos tick another contract off their list with only Logan Bayliss-Brow, Brendan Frei, Jordan Pereira, Josh Rogers and Tyson Smoothy remaining off-contract at the end of the 2023 season.
Kevin Walters' side have lost Herbie Farnworth and Thomas Flegler to the Dolphins next year which helps on the salary cap front, however, the size of deals for the likes of Payne Haas, Patrick Carrigan, Deine Mariner and Kotoni Staggs as well as the looming question over Adam Reynolds' future paint a tricky picture for Brisbane.
Oates struggled with injury throughout 2023 and ultimately took no part in the finals series having only played nine games throughout the course of the year.
His metres from the back still prove a valuable point of difference when he is on the park, but his inability to find the try-line in 2023 cost him, with Jesse Aarthars doing a superb job during the grand final and likely to hang onto his starting spot next year.
Brisbane will kick off their 2024 season against the Sydney Roosters in Las Vegas.