Nathan Cleary has chosen to stay at Penrith, leaving Sam Walker as the Chiefs' leading halfback target for their inaugural season.
The Chiefs had been prepared to offer Cleary a package equivalent to $5 million per season gross in Australia.
That included a tax-free $2.5 million contract and third-party deals worth at least $500,000.
Cleary is working through details of a two-year extension, with an option for two additional seasons in the halfback's favour.
Zane Harrison has also recommitted to the Gold Coast Titans until the end of 2029.
Chiefs coach Willie Peters said Walker, who is out of favour at the Roosters, could be considered if he genuinely wanted to move to PNG.
"Sam is a quality player," Peters said.
"There's no doubt about that."
"For us, we've always been adamant that we want people who want to come to PNG."
"If Sam has a genuine interest in coming and playing for the Chiefs, then he will definitely be someone we look at."