The Cronulla Sharks are the latest club to enter the race for Penrith Panthers second-rower Liam Martin.

It has been a chaotic week at the foot of the mountains, with the club set to confirm a contract extension for Nathan Cleary in the coming weeks, and Isaah Yeo also being understood to have already agreed to terms.

The state of the club's stretched salary cap means Liam Martin, who is seeking up to a million dollars per season on his next deal, could be on the way out.

It has been understood the Panthers would only kick-off negotiations with off-contract prop Moses Leota once they had determined what Cleary, Yeo and Martin were doing with their respective futures, but Leota's management Gavin Orr was quoted this week saying they expected to receive an offer from Penrith in the next week.

Zero Tackle have been told by multiple sources linked to the situation that the Cronulla Sharks have now prepared an offer for Martin as he grapples with a call on his future.

It's not clear if the offer has been formally lodged as yet, but Cronulla are believed to be well advanced in clearing cap space for the second-rower, with Briton Nikora almost certain to be let go at the end of 2027.

It's understood Cronulla see Martin as the replacement for Nikora, although Martin is expected to wait for Penrith's salary cap situation to be fully understood before making a decision.

NRL Rd 7 – Knights v Sharks
NEWCASTLE, AUSTRALIA - APRIL 20: Briton Nikora of the Sharks
makes with the ball during the round seven NRL match between Newcastle Knights and Cronulla Sharks at McDonald Jones Stadium, on April 20, 2025, in Newcastle, Australia. (Photo by Scott Gardiner/Getty Images)

The Sharks are desperate to retain Teig Wilton, which will impact their salary cap, and William Kennedy's future remains up in the air given the emergence of Liam Ison as the likely long-term number one in the Shire.

The amount of cash Cronulla can allocate towards Martin is likely to be the sticking point given his demand for seven figures - the Sharks already have Addin Fonua-Blake and Nicho Hynes on big deals, while Braydon Trindall and Blayke Brailey's most recent extensions wouldn't have come cheap.

Martin, who appears to be out of the running for a spot in Port Moresby given that club's pursuit of Hudson Young, admitted this week he is interested in the Canberra Raiders, who are the other club in the mix for his signature.

“I don't know. I'm open to it, obviously close to home and it's pretty interesting,” Martin told 9 News.

“The boys speak very highly of Ricky (Stuart), so I'd be really interested. Penrith would still hopefully be my first option and work out a deal, but if not I'd be looking forward to it.”

CANBERRA, AUSTRALIA - MAY 21: Raiders coach Ricky Stuart watches on during the round 12 NRL match between Canberra Raiders and Dolphins at GIO Stadium, on May 21, 2026, in Canberra, Australia. (Photo by Mark Nolan/Getty Images)
CANBERRA, AUSTRALIA - MAY 21: Raiders coach Ricky Stuart watches on during the round 12 NRL match between Canberra Raiders and Dolphins at GIO Stadium, on May 21, 2026, in Canberra, Australia. (Photo by Mark Nolan/Getty Images)

The Raiders, like the Sharks, view Martin as a replacement, with the Canberra side taking their offer for Hudson Young off the table after he missed a deadline to sign on in the lead-up to November 1.

Penrith have not given up on retaining Martin, and are understood to be keen to do so, but the realities of the salary cap will make that a significant challenge for the side at the foot of the mountains.

Martin is in no rush to reach a decision on his future, but sources suggest it would be a surprise to see him uncontracted one way or another when pre-season trial matches start.