The Roosters withdrew their 2028 offer to Sam Walker two weeks ago after contract-extension talks.
The 24-year-old Queensland Maroons and premiership-winning halfback could leave early; he has no club beyond next season.
CODE Sports reported Monday that Walker's management would meet South Sydney after a third party approached the Rabbitohs, indicating interest.
Graham, who has faced Walker in fierce rivalry matches, said he would welcome him to South Sydney, where he could pair with Cody Walker.
"I only heard about it as I was coming here to the studio," Graham said on SEN.
"It's pretty interesting stuff; obviously he's a great player, and he just won a comp. I like the way he plays his footy, so I'd like to have him on my team.
"It would be pretty cool to see them together; they're both kind of ad-lib instinctive players. I think he could slot in nicely with the brand of attacking footy."