Speculation has begun suggesting Nathan Cleary has in fact opened talks with the Penrith Panthers over a contract extension.

Most logic has suggested Cleary will hold out until November 1 to determine his future.

The star halfback has never been a free agent before, but has indicated he would be open to trialling the open market this time around, with his current Panthers contract due to expire at the end of 2027.

The NSW Blues and Australian Kangaroos representative could well be chased by the PNG Chiefs where he could link back up with Jarome Luai, and has also been linked to the English Super League where his partner Mary Fowler plays professional soccer.

Fuel was thrown on the fire last week when it emerged Jett Cleary had requested a release from the New Zealand Warriors to head to the Panthers.

Nathan recently made comments suggesting a move to the Warriors was out of the picture as he didn't want to stand in the way of his brother, but if Jett moves back to Penrith, that would make being at the foot of the mountains a potential issue.

Western Weekender's Troy Dodds though told the Tension's Running High Podcast that he has mail that Cleary has begun negotiations with the Panthers, and that it would be wise for fans to not believe everything they are told, given a number of stories around the Panthers have gone unmentioned before becoming official in recent times.

“They are all telling you as fans that Nathan has not even opened discussions with Penrith about re-signing. That he isn't entertaining it, and therefore he is going to go to November 1,” Dodds said on the Western Weekender's Tension's Running High Podcast.

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“Now, I don't actually think that's correct. I have pretty good information, and I've had it for a few weeks now, that Nathan has been negotiating with Penrith, and that a deal is a lot closer than people think.

“I just wonder whether Penrith and Nathan Cleary are playing the journos for fools, whether they are pretending nothing is happening while they are actually doing this deal.”

“The journos that claim to have this information, those journos didn't have any heads up or any knowledge about Ivan Cleary stepping down. In fact, they thought he was re-signing that morning, but no, he wasn't.

“They weren't aware of the NRL's leading try-scorer Tom Jenkins re-signing, Casey McLean and Paul Alamoti both recently re-signed. Brian To'o.

NRL Rd 7 – Roosters v Panthers
SYDNEY, AUSTRALIA - APRIL 19: Paul Alamoti of the Panthers scores a try during the round seven NRL match between Sydney Roosters and Penrith Panthers at Allianz Stadium, on April 19, 2025, in Sydney, Australia. (Photo by Cameron Spencer/Getty Images)

“The journos have had no knowledge of all of those Penrith stories, and yet the fans are expected to believe that on the biggest one, they are in the know.”

At the crux of the issue for the Panthers is the salary cap, with some players having to depart to keep the squad in check.

Brian To'o has already confirmed he will leave, while the club are risking Liam Martin and Isaah Yeo if things drag to November 1.

Indications are that Yeo is in talks, while Martin's manager has indicated the free agency market will be tested if a deal can't be struck next week.