West Coast Eagles key forward Jake Waterman is reportedly keen to extend his time at the club beyond his current deal, which expires at the end of 2025.

However, senior journalist Jon Ralph revealed that both Melbourne and Geelong are preparing to make big plays in the hope of luring him east.

It is no surprise given the Demons' struggles up forward while the Cats are preparing for life after club legend Tom Hawkins, who is currently sidelined with a foot injury.

Waterman has shot into stardom following a dominant start to 2024, resulting in 37 goals from his 13 outings, kicking a major in every game he's featured in.

Ralph believes "it would take a total breakdown in negotiations for Waterman to want to leave the Eagles", a club where his father Chris played and won a premiership.

However, given his current contract is roughly around the $400,000 mark, Waterman is likely to receive a massive pay increase from 2026 onwards, with monster five-year deals from Victorian clubs on the agenda.

The 26-year-old's manager Paul Peos told NewsCorp that Waterman would love to continue playing for West Coast.

“I am happy to say there is a keenness from both sides to revisit his current deal,” Peos said.

“He's a free agent next year so we would expect it to progress pretty quickly from here. We would love to get it done sooner rather than later.

"We have had reach-ins from other clubs to see how things are progressing and it's in a state of flux but I would hope over the next couple of weeks we could see the momentum moving."