Hudson Young is expected to join the PNG Chiefs in 2028 on a lucrative million-dollar deal, meaning a move to Penrith could last only one season.
The Daily Telegraph reports Canberra has proposed exchanging Young for Penrith forward Liam Martin before the 2027 NRL season.
The potential deal faces uncertainty over Young's recovery from a ruptured Achilles, suffered in July, and his current fitness is unclear.
Young has reportedly been unable to reach Raiders coach Ricky Stuart in recent days as he tries to resolve questions about his future.
The 28-year-old is expected to resume training with Canberra this week, but his longer-term position at the club remains uncertain.
Stuart has reportedly contacted Martin, while Raiders chief executive Don Furner was seen speaking with Martin's agent, Allan Gainey, at a News Corp event on Friday.
Penrith would need to weigh Young's fitness as it considers adding him to its forward pack.
If the reported proposal proceeds, the exchange could rank among the biggest player swaps in NRL history.