Penrith Panthers star fullback Dylan Edwards has reportedly turned down the offer of a contract extension from the club.

Edwards is off-contract at the end of the 2024 season, while Penrith are also in negotiations with Jarome Luai. Both players could hit the open market from November 1 if they wish to explore their options.

While it has been believed Luai will do just that, Edwards was viewed as the more likely of the duo to sign on the dotted line with the back-to-back premiers.

As yet though, it hasn't happened, and the November 1 deadline is approaching. Not only that, but it's unclear exactly where Penrith sit on the salary cap given they already have big-money deals in play for the likes of Nathan Cleary, James Fisher-Harris and Isaah Yeo among others.

Both Luai and Edwards could be in for large upgrades if they are to retain at the foot of the mountains - speculation has put both players at somewhere around the million dollars per season mark.

Money apparently isn't the issue for Edwards though, with The Sydney Morning Herald reporting that he has knocked back a three-year, approximately $850,000 per year deal.

It's believed that the reason Edwards has turned the Panthers down at this stage is long-term job security, with the star fullback, who was a reserve in the Australian Kangaroos squad for the 2022 Rugby League World Cup and could be selected in Sky Blue at State of Origin level next year, wanting a longer-term contract with the Panthers.

It's unclear at this stage if the Panthers will bite the bullet on a longer deal, although it would seem a relatively smart move given the form and consistency the now 27-year-old has shown over the last three seasons in the NRL.

While the parties are yet to come to a deal, the salary being all but agreed to could speed up the pace of negotiations.

Coach Ivan Cleary has expressed his desire to not have things off-field play out for Luai or Edwards during the finals series however, which could put a spanner in the works and drag both players closer to November 1 without contracts signed, sealed and delivered.