It's the deal that's been floating around rugby league rumour mills for months, but the Penrith Panthers and Wests Tigers are finally set to complete a player swap between the two clubs this week, effective immediately.

The Daily Telegraph is reporting that Forbes junior Charlie Staines will pack his things and leave the foot of the mountains for Concord, while Tyrone Peachey will return to the club he made his name at in 2023.

The deal had initially been floated months ago, however both parties decided to delay talks until after the NRL Grand Final had been played.

Staines, who scored four tries on debut for the Panthers in 2020, finished his time at the Panthers with a premiership ring, scoring a try earlier this month in the Panthers 28-12 victory over the Parramatta Eels.

SYDNEY, AUSTRALIA - AUGUST 01: Charlie Staines of the Panthers is congratulated by team mates after scoring a try during the round 12 NRL match between the Manly Sea Eagles and the Penrith Panthers at Lottoland on August 01, 2020 in Sydney, Australia. (Photo by Jason McCawley/Getty Images)

It's a big weight off Penrith's shoulders, with Staines on a reported $500,000 for next season, freeing funds for the retention of Brian To'o, Stephen Crichton and Liam Martin.

Staines is expected to duel it out with fellow former Panther, Daine Laurie, for the fullback spot at Leichardt in 2023.

Laurie was linked to the Canterbury Bankstown Bulldogs earlier this month, which was hastily denied by club supremo Phil Gould. It's believed the Tigers view Laurie as a potential halves option, especially after the expected departure of Luke Brooks.

It's uncertain which role Peachey will play at Penrith, whether it's merely a depth signing, or whether Ivan Cleary has plans for the former New South Welshman in his full-strength side.

SYDNEY, AUSTRALIA - MAY 29: Tyrone Peachey in action during a New South Wales State of Origin training session at Coogee Oval on May 29, 2018 in Sydney, Australia. (Photo by Mark Metcalfe/Getty Images)

Premiership-winner Jaeman Salmon is still unsigned for next season despite having an offer on the table from the Panthers, potentially opening the door for Peachey to play the back-row and halves cover role that Salmon filled this year.

Both players' contracts were set to expire at the end of next season.

While neither club has confirmed a release or signing as of yet, both parties are expected to finalise the swap deal later in the week.