Sydney are in negotiations with star forward Ryan O'Keefe's in a bid to talk him out of considering a return home to Melbourne, which would prompt a fierce recruiting contest between several Victorian AFL clubs.

O'Keefe, 27, is out of contract and keen to return home after nine seasons with the Swans, the Ten Network reported.

The Swans have offered the half-forward a three year-deal, but he is yet to sign.

But the Swans refuted Ten's report, and a club spokeswoman said O'Keefe and club officials were still in discussions with the aim of him signing a new contract.

If O'Keefe does not commit to a new deal, the availability of the 2006 All-Australian, who played in Sydney's 2005 premiership side and has played 164 games (178 goals), would loom as one of the biggest potential trades in next week's exchange period.

His marking strength and skill as a half-forward would make him an appealing proposition to several clubs.

If the Swans cannot re-sign O'Keefe, they would be faced with the prospect of possessing little bargaining power in any potential trade.

The Swans would be unwilling to lose him for nothing, given uncontracted players can be taken in the pre-season draft, where wooden spooner Melbourne have first pick.

O'Keefe's manager could not be contacted.

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