The South Sydney Rabbitohs risk losing both Cody Walker and Latrell Mitchell, with the Perth Bears preparing to launch a two-pronged raid.

As it stands, the Bears have a handful of spots left in their inaugural squad for 2027, and more for 2028, and while the salary cap is believed to be too tight to make a play for AJ Brimson in 2027, Cody Walker could be a realistic option.

The current status of his negotiations at South Sydney has rebounded back and forth in recent weeks.

It was reported a few weeks ago that he had been lowballed by the Rabbitohs, to the tune of a deal understood to be only worth about $300,000 for next season.

That has since been increased with the Rabbitohs still keen to keep the five-eighth for another season, and beyond the end of his playing group, but it's believed Walker is still not overly impressed with the offer.

The Sydney Morning Herald are reporting there is now potentially set to be an offer on the table for Walker from the Bears for 2027, which could tempt him to finish his career in the west.

Zero Tackle also understands there has been interest shown from Super League clubs, but it's unclear if Walker has any desire to relocate around the world to finish his career.

The Rabbitohs believed they hold all the cards given they will offer Walker a post-playing job as part of his deal, but there is no guarantee Walker will be happy to play on in 2027 for a reduced value given he, for the most part, managed to work out his injury issues this year.

It's Mitchell who will be the longer-term project for Meninga and his coaching staff.

As it stands, the star is off-contract at the end of 2027 and can start negotiating from November 1 with rival clubs.

Negotiations with the Rabbitohs are understood to be on hold until at least the start of the pre-season, with Wayne Bennett and his staff preferring to see how he progresses through the potential World Cup and pre-season given his major injury issues this year.

The Rabbitohs could lose Mitchell by then though, given he can start negotiating on November 1, and the report tips the Bears are now seriously weighing up making an offer, with previous reports suggesting they will tip well over 7 figures for Mitchell.

South Sydney are unlikely to meet that valuation, although Mitchell could also yet look to stay loyal to his current club given the way they have supported him in recent seasons.