Edwards was the No.1 first-choice going into the year, with the fullback contracted until the end of 2021, showing great confidence in Edwards as the club also had Kiwi custodian and captain Dallin Watene-Zelezniak.
However, in a difficult start to the season, the 23-year-old had to endure being falsely identified in a sex saga video, being shifted from fullback to the wing and then ultimately dropped to the reserve grade.
Caleb Aitkens is now the favoured fullback in the eyes of coach Ivan Cleary as the Panthers have allowed Edwards to explore new opportunities elsewhere, despite having two years left on his contract, writes Sydney Morning Herald.
The Cowboys, who don't have a settled fullback, are a potential destination for Edwards as they were forced to tear up Ben Barba's contract prior to the season starting as well as losing the ability to land Holmes as he signed with the New York Jets in the NFL.
North Queensland coach Paul Green was confident in Te Maire Martin at fullback but has left the field indefinitely due to bleeding in the brain, providing opportunity for Edwards.
Gold Coast is proves to be another option with veteran Michael Gordon off contract and nearing the end of his career. It's understood that both Queensland clubs are interested in Edwards, according to the Sydney Morning Herald.
Although not in their best side, Edwards is still putting his best foot forward for the Panthers. He was handed the captaincy of Penrith's Canterbury Cup team and was named Man of the Match in the upset victory against the undefeated Mounties side.
"It was a good win on the weekend, we had a few boys out," Edwards told the Panthers website.
"Everyone who showed up on the day just turned up and did their job and really competed for the 80. We were lucky to get away with the win."
Hame Sele, Tyrell Fuimaono and Jarome Luai were noticeable outs, leaving the captaincy to Edwards.
"That was good, I didn't mind the job," he said.
"The regular leaders were out of the game, so the guys told me I would be captain.
"I just tried to lead the boys out and hope for a good result. That's what we got."