Josh Addo-Carr won two premierships and the 2020 Dally M Winger of the Year award during five seasons with Melbourne from 2017 to 2021.
Fox Sports reports that the Storm are monitoring the winger's uncertain future at Parramatta, potentially opening the way for a return.
The 31-year-old's NRL career remains unsettled despite a negative B sample test following a drug-driving incident; the NRL has cleared him of wrongdoing.
Parramatta has told Addo-Carr and his management it will not extend his contract beyond 2027 and that he can explore other opportunities immediately.
"The club has informed Josh and his management that it will not be seeking to extend his current contract beyond the end of the 2027 season," the Eels said in a press release.
The club said it had mutually agreed that exploring options now was in Addo-Carr's best interests and would continue supporting him.
A reunion is not assured: Melbourne must assess its salary cap and wing depth, with Xavier Coates and new recruit Jamayne Isaako expected to start in 2027.
Moses Leo and emerging prospect Hugo Peel are also options, but Craig Bellamy may see value in Addo-Carr's experience and the depth he could bring to the outside backs.