Corey Norman will sign a three-year, $2.2 million deal to stay at Parramatta, according to a report in The Sunday Telegraph.
MORE: Video: Perenara sends Tedesco flying with dangerous trip | Twitter perplexed by Cowboys' 'storm-like' jersey
The deal represents a significant pay rise for the five-eighth who is suspended for the rest of the season following a spate of off-field incidents.
The report also claims that Eels representatives will meet with Jarryd Hayne in the coming days.
Parramatta will have to fight off strong offers from the Titans and the Dragons in order to secure the return of their former star.
The scandal-ridden club have significant cap room after the release of Kieran Foran, allowing them to make a generous offer to Hayne.
It is believed that Hayne is also weighing up significant offers from French rugby union.