Sources have confirmed Treloar, 22, has received an offer from GWS that is significantly below that of Collingwood, Richmond and North Melbourne – each of which has made a pitch for the midfielder – and he is now more likely to leave than stick with the Giants.

The Magpies, Tigers and Roos are viewed as the primary bidders, and one of those clubs is understood to have offered at least a six-year deal. The multimillion-dollar Victorian club offers amount to far more than the Giants' offer, which would see Treloar sacrifice hundreds of thousands of dollars, if not millions, over the contract term.

In club and industry circles, Collingwood have been viewed as the front-runner for Treloar for some time, but Richmond and North have made strong bids for the midfielder, who had indicated a preference to stay with GWS but is being squeezed by the club's tight salary cap and this year's signing of other young and  sought-after stars such as Jeremy Cameron, Dylan Shiel, Devon Smith and Will Hoskin-Elliott.

The offers to Treloar from the Victorian clubs are all understood to be longer-term deals, and while Fairfax Media cannot confirm precise figures, industry sources suggest he would comfortably exceed $600,000 per year over a minimum term of five years, and there has been speculation he could earn $700,000-$800,000 a season.

While Treloar's position as the last (uncontracted) man standing means there is less money available to him at GWS, the Giants also need to shed a player – or players – to gain the early draft picks that will enable them to secure highly regarded academy players Jacob Hopper and Matthew Kennedy without going into draft "deficit" under the new points system for academy players and father-sons.

Hopper and Kennedy are both expected to receive bids from rival clubs inside the first round, which GWS will have to find the points to match. The trading of Treloar, who would fetch a minimum of one early draft pick and potentially more, would ease the passage of those NSW players to GWS.

Treloar is the only "name" GWS player who remains unsigned, the Giants having succeeded in persuading their talented young players to stick, despite predictions of an exodus.

The club would have the option, though, of trading others – including contracted players – to improve its draft position, given the number of first-round picks who are playing in the reserves.

Treloar, who is from Dandenong Stingrays, has averaged 27 disposals and five tackles this year, when he has not missed a game. He has been with the Giants since 2011.