Parramatta may be forced to release Corey Norman or another big-name star as part of a fire sale to get under the salary cap before their next match on May 13 in a move likely to spark a merry-go-round of mid-season player transfers.

With the NRL telling the Eels they must shed $570,000 of talent before the team can start accruing premiership points again, rival clubs are reviewing their own rosters with an eye to snaring Parramatta players at a bargain-basement price.

A decision on the playing future of Anthony Watmough will be crucial to the Eels' hopes of getting under the salary cap but even if he agrees to retire and the NRL accepts that he has a career-ending injury, Parramatta will have to shed other players.

Watmough's contract is understood to be worth $700,000 per season plus third-party agreements valued at $200,000 under the salary cap because they were guaranteed by Parramatta. However, the former Test back rower  has already earned six months' pay, so the most the Eels could save is $450,000 if the NRL immediately approved the terms of his retirement.

Further, Parramatta would need to replace him in their top-25-man squad with a player on at least $42,500, which is half the minimum wage for the season. The same applies for any other player they release.

Star recruit: third-party payments to Anthony Watmough came under the microscope. Photo: Getty Images

Therefore, the most the Eels are likely to save if Watmough retires is $407,500 and they will still need to release a player on $400,000 per season or more to cover the remainder of their salary cap excess as $200,000 of his contract money would have already been paid and any replacement would be valued at $42,500 or more.

Rival clubs will also seek to sign Parramatta players at below-market value by getting the Eels to subsidise the contracts of players they release.

Parramatta coach Brad Arthur will be determined not to lose Norman when he meets with club officials on Wednesday to discuss how they can immediately get under the salary cap but his $400,000-per-year contract expires at the end of this season and and the star playmaker is reportedly seeking $600,000 for 2017 and beyond.

Fullback Michael Gordon is also off contract at the end of the season but his deal is believed to be worth less than $200,000, meaning that the Eels would only save about $60,000 after adding another player on minimum wage to their top-25-man squad in his place.

As a result, Parramatta would need to release at least three players on similar deals to Gordon to save the additional $170,000 needed to become cap compliant and rely on Watmough retiring due to a chronic knee injury.

Should he decide to do so, the NRL would need reliable medical evidence that Watmough has a career-ending injury and any attempt by him to make a comeback after receiving an insurance payout would be strongly resisted.

There was confusion among Parramatta officials and at other clubs about what players the Eels would need to let go but the only players on big money deals who could help solve their woes are Watmough, Norman, Kieran Foran, Michael Jennings and Beau Scott.

"They are probably going to have to release three or four high-profile players to get under the cap and I don't think they will be able to do it," one rival NRL club boss said.

Another club CEO said: "This is going to cost them a big name."

The Sydney Roosters, Gold Coast and Newcastle all have room under the salary cap to accommodate players released by Parramatta but other clubs told Fairfax Media they would prepare to adjust their rosters if necessary should a player of the calibre of Norman or Jennings become available.

Negotiations with Norman have been on hold while the Eels waited for the NRL to hand down their findings from the three-month salary-cap investigation and his agent Paul Sutton has admitted the in-form playmaker could be forced out of the club.

Until the Eels shed $570,000 from their salary cap, they will be playing without the ability to earn competition points and it is estimated the club has four weeks to do so before it will become impossible to make the NRL finals, even if they win all their remaining games.