The Penrith Panthers have emerged as a shock contender to snare the signature of Dominic Young for the 2023 season.

The star Newcastle Knights' winger told teammates and other clubs chasing his signature that he had made the decision to sign elsewhere earlier this week.

It's believed that, while the Roosters haven't announced anything yet, the Sydney club will pick up Young's signature on a mega four-year deal worth more than $500,000 per season.

It's understood the Knights were in the mix for his signature financially, but that ultimately, other issues may have pushed the Englishman across the line.

Young only added to his value with performances at the 2022 Rugby League World Cup for England, following his first full NRL season where he was one of the bright spots in an otherwise horrid Newcastle outfit.

While the Roosters have reportedly made approaches to the Knights to secure his signature immediately, both in a player swap and in a straight transfer fee, it's understood that idea may be dead in the water.

The Roosters originally rejected both Egan and Nat Butcher, and the Knights' director of football Peter Parr has made it clear that they will only release Young if the terms are beneficial for the Hunter-based club.

"I've just about ruled it out, but haven't completely ruled it out. You never say never, but it would have to be something that is beneficial to us, and if that eventuated it could be a silver lining," Parr said on the Toohey's News Podcast.

"The flipside of that is that we have planned for Dom to be in our team, planned for him to be on the right wing and it's very difficult for us to change those plans so close to the season starting.

"I wouldn't say that we have ruled it out completely, but nor would I say that it will happen."

But now News Corp are reporting that the Roosters aren't the only club looking at facilitating an immediate move for Young this season.

Defending two-time premiers the Panthers may yet come to the party following the injury of Taylan May in the charity shield.

The boom youngster had a breakout NRL season last year, however, his 2023 season is already at its end after he suffered a full ACL rupture against St Helens last Saturday.

The injury means his best case return is after the season has finished, and while the Panthers are confident of replacing May from their current squad with the likes of Sunia Turuva and Thomas Jenkins, the report suggests they have reached out to the Knights.

It's understood the Panthers will need salary cap dispensation for May's injury to have a chance of landing Young, with NRL rules allowing for that to be the case when players injured in representative fixtures. The World Club Challenge is believed to be a match on the list, with the Panthers confirming they are looking into the idea of dispensation.

It wouldn't be the first time the Panthers have gained a big-name signing on a short-term deal before they join their next club, with Tevita Pangai Junior using the Panthers as an in-between outfit after he left the Brisbane Broncos in mid-2021, but didn't join the Canterbury Bulldogs until the start of 2022.