The South Sydney Rabbitohs have drawn up an eye-watering $1.7 million three-year contract for 16-year-old young gun Joseph Suaalii, according to Fox Sports.

The deal cannot be registered with the NRL until August 1 when Suaalii blows out his 17 birthday candles.

On Wednesday, the Rabbitohs held a Zoom meeting with Sualii, his parents and South Sydney football manager Mark Ellison. There, the club drew up the richest contract in the history of rugby league for a teenager.

Wallabies coach Dave Rennie, Rugby Australia and the NSW Waratahs all had a crack at signing the young gun, but the Glenmore Park native was committed to rugby league.

Suaalii has played with the South Sydney juniors since he was 11-years-old. He trained with the Rabbitohs during the summer and won over supercoach Wayne Bennett, Sam Burgess and Damien Cook.

The Bunnies plan to fast-track the exciting youngster straight into the team and Suaalii could even make his NRL debut on August 1 next year.

He is currently a student at the Kings School in Parramatta and was given special permission at aged 14 to play for the First XV. The 196cm and 96kgs teenager has represented NSW in rugby league, rugby union, AFL, and basketball.

In February this year, former NSW Origin gun Craig Wing told Fox Sports his opinion of the teenager.

"If I was to sum him up I would say he's like a combination of Sonny Bill Williams and Greg Inglis, if you put those two together," Wing said.

"He's got great ball skills, really tough, good in the air, awesome off-load - he's got everything.

"He's definitely going to be a star of the future. The thing that really impresses me the most is he's selfless.

"The feedback I've heard our of Souths is he's like the Terminator.

"When I was playing I didn't see any kids as talented as Joseph is.

"All the hype is not undeserved. I do think he'll live up to expectations."

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