Melbourne's salary-cap pressure could also affect Cameron Munster, who is expected to enter free agency after the Storm offered him a deal believed to be worth about $750,000 a season from 2028.
Captain Harry Grant is signed through 2028, but the final season is an option he has not taken up, potentially leaving him off contract after 2027.
Without a new deal, Grant could negotiate with rival clubs from November 1.
Brent Read told Triple M Radio the Storm remain confident of retaining him.
"I spoke to the Storm. They are very confident they'll get the option taken up and get an extension. They aren't panicking yet, but they have got five weeks to get it done," Read said.
If Grant reaches November 1 without an agreement, clubs could pursue him, including cashed-up expansion teams in Perth and Port Moresby.
Melbourne's cap is tight because its squad is top-heavy. Grant's exit would free up money, but club officials do not want that outcome.
The Storm have options within their playing group, but replacing Grant's standing among NRL dummy-halves and his leadership would be difficult.