Melbourne are prepared to release representative star Josh Addo-Carr on compassionate grounds provided the Storm receive compensation in the form of a transfer fee or player swap following the 2020 season.
The Storm confirmed their stance on Friday afternoon after Addo-Carr met with coach Craig Bellamy and CEO Dave Donaghy earlier this week.
The NRL's fastest man is keen to return to Sydney following a change in family circumstances.
At this stage, Addo-Carr will see out the 2020 season with Melbourne while the club explores "options for an early release", according to a members update from Donaghy on Friday afternoon.
"The board yesterday morning instructed management to explore options for Storm to provide Josh with an early release from his playing contract, on compassionate grounds, at the end of the 2020 season," Donaghy wrote.
All of Josh Addo-Carr's tries for 2019
"To achieve this, Storm would be seeking fair value for Josh in return by way of a combination of the following: transfer fee; player swap, with the player being of commensurate standing [and/or] salary cap relief for doing the right thing by the player, and providing some extra support for Josh, not dissimilar to the recent scenario in the AFL with Tim Kelly at the [Geelong] Cats.
"We believe this would be a fair outcome for all parties given the investment Storm has made in Josh and that we find ourselves on the cusp of the 2020 season.
"Most importantly, it would allow Josh’s request to be met and we, and the game, would be able to continue to support him and his family in the transition back to Sydney."
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As reported by NRL.com, his former club Wests Tigers have previously expressed interest in bringing Addo-Carr back to the joint-venture club he debuted for in 2016.
Tigers CEO Justin Pascoe spoke this week about adding speed to Michael Maguire's backline, and the club has a sizeable amount of salary cap space available after withdrawing their lucrative offer for Roosters powerhouse Latrell Mitchell.
The "Tim Kelly scenario" Donaghy referred to saw Geelong release rising star Kelly recently to return to West Coast in exchange for high draft picks across two seasons.
Addo-Carr has risen to become one of the game's elite finishers in his time under Craig Bellamy, scoring 63 tries in 85 NRL games to date.
The 24-year-old made his Australian debut this year after back-to-back Origin wins with NSW, and also boasts a 2017 premiership from his time in Melbourne.
Addo-Carr's potential exit continues the upheaval in Bellamy's squad, with fellow speedster Suliasi Vunivalu joining the Queensland Reds (Super Rugby) and big man Tino Fa'asuamaleauai linking with the Titans in 2021 as well.
Veteran centre Will Chambers (Japanese rugby) and halfback Brodie Croft (Brisbane) have also left since Melbourne's preliminary final loss to the Roosters in September.