The classy midfielder officially told North Melbourne on Monday he would be leaving the club after 14 seasons with the Kangaroos.

Fairfax Media understands  Wells knocked back a two-year $1.1 million contract at the Kangaroos to sign a three-year $1.8 million deal at Collingwood.

The deal at North Melbourne would have involved triggers for him to earn that much, based on how many games he played and where he finished in the best and fairest.

The Kangaroos were wary about giving a three-year contract to a player who has struggled to get on the park consistently due to injuries.

Wells has played 31 games in the past three seasons, including just two in 2015, due to ongoing leg injuries, mainly his Achilles.

But Collingwood list manager Derek Hine didn't appear concerned with that history.

"He missed two previous years but prior to that he was averaging over 20 games per season. He's not dissimilar to Ben Reid, I dare say," Hine said.

Hine said Wells would add much needed experience to the Magpies' list, which is reasonably young.

"Our oldest player will be 28 once [Travis Cloke] leaves, along with all the retirements," Hine said. "We're really conscious of how that profile looks and I think we've got 26-27 players under 25.

"Daniel … finished fourth in [North's] best and fairest and has clearly been a really high performer for a long period of time.

"We're really excited about potentially bringing him into the organisation."

While a three-year deal for a player who will be 32 in February will raise eyebrows, Wells' influence as a game changer when fit and healthy can't be denied.

He averaged 23 disposals and polled 12 Brownlow votes in his 19 games in 2016. He is seen as the polished midfielder to compliment an already strong group at Collingwood, joining the likes of Scott Pendlebury, Steele Sidebottom, Adam Treloar and Taylor Adams.

Retired Collingwood great Dane Swan has admitted he didn't think Wells would be the type of player the Magpies would go after, particularly due to his age.

"I was surprised like everyone else, I thought we were going to go down the youth path," Swan said.

"He has great speed and skill and that's something we're lacking.

"The question you have to ask is, 'Is Wells in our next premiership side?'

"I certainly hope he is, because that means we're going to win one in the next couple of years," he told Trade Radio.

Collingwood will be one of the more active clubs during the trade period, with Chris Mayne likely to be the next player to join the Magpies from another club. The 27-year-old Fremantle forward is likely to join the Pies as an unrestricted free agent on a four-year deal worth more than $2 million.

Meantime, Cloke, 29, is on the way out of Collingwood and will officially join the Western Bulldogs soon.

Both clubs are haggling over which late pick the trade will involved, but a deal is expected to be struck in the coming days.