Cody Walker is now understood to be closing in on another season with the South Sydney Rabbitohs, with a key sticking point in negotiations reportedly centred around a potential premiership bonus.

The veteran five-eighth is currently off-contract, but appears increasingly likely to remain in Redfern for at least another year as the two parties work towards an agreement.

The Sydney Morning Herald has revealed that negotiations have included a $75,000 premiership bonus should the Rabbitohs win the grand final in 2027, on top of a salary understood to be worth around $400,000 for the season.

State of Origin roundtable: Who should play in the Blues' halves for Game 2
SYDNEY, AUSTRALIA - MARCH 31: Cody Walker of the Rabbitohs runs the ball during the round five NRL match between the South Sydney Rabbitohs and Melbourne Storm at Accor Stadium on March 31, 2023 in Sydney, Australia. (Photo by Cameron Spencer/Getty Images)

Walker has also reportedly been offered a club option for 2028, which would potentially keep him at the club until he is 38 years old.

The original offer tabled to Walker was understood to be worth approximately $300,000 for the 2027 season, with his management believing the veteran had been lowballed given his ongoing importance to the club.

That initial figure is understood to have contributed to the drawn-out negotiations, with the two parties working towards a compromise that could see Walker extend his career in the NRL.

Should the Rabbitohs exercise the additional year, Walker would have the opportunity to become the equal-oldest player in NRL history, alongside former Cronulla Sharks captain Paul Gallen.

The potential extension would also give Walker another chance to reach the 300-game milestone, having made 247 NRL appearances to date.

Despite making his first-grade debut at 26, Walker has established himself as one of South Sydney's most important players over the past decade, although injuries have played a part in delaying his pursuit of the milestone.

The 36-year-old featured in 24 games throughout the 2026 season, continuing to play a significant role in the Rabbitohs' attacking structures.

NRL Rd 25 – Rabbitohs v Dragons
SYDNEY, AUSTRALIA - AUGUST 21: Ashton Ward of the Rabbitohs passes during the round 25 NRL match between South Sydney Rabbitohs and Dolphins at Accor Stadium, on August 21, 2025, in Sydney, Australia. (Photo by Matt King/Getty Images)

Should he remain at the club, Walker's halves partner for 2027 is still to be determined, with Jayden Sullivan and Ashton Ward among the potential options to line up alongside the experienced playmaker.

While the Rabbitohs continue to shape their squad for next season, securing Walker's services would provide valuable experience and continuity as the club looks to build towards another premiership campaign.

Jamie Humphrey's remains off-contract, with an extension also understood to be nearing, and Adam Elliott's immediate future is also unknown.