The Melbourne captaincy looms for star utility Aaron Davey after he ended speculation about his AFL future with a four-year Demons deal.

James McDonald will stay captain next year and Davey is not yet in their player leadership group, but the post is certainly on the 25-year-old's horizon.

The deal effectively makes Davey a one-club player and it is an important morale boost for Melbourne.

The Demons were rocked last week with the shock news that midfielder Brock McLean, another potential captain, will go to Carlton.

While club chief executive Cameron Schwab said it was too early to say that Davey would be their next captain after McDonald, he acknowledged his potential.

"He's certainly a really important leader - we use our leading teams model, similar to what a number of clubs have used," Schwab said.

"The players will really decide that.

"That depends on his peers, but he's certainly highly respected."

With the retirement of Matthew Whelan, Davey is the senior member of the club's indigenous players which also includes Jamie Bennell, Liam Jurrah, Austin Wonaeamirri and Neville Jetta.

"We are very pleased that Aaron has committed to Melbourne - he is a player who is held in high regard and is a big part of the club's future success," Demons official Tim Harrington said in a statement.

"Aside from his obvious playing talents, Aaron's leadership qualities are first-class.

"His work, particularly with our young group of indigenous players, has been outstanding and has gone a long way to contributing to the success of players such as Liam Jurrah."

Davey, 26 next month, has played 119 senior games and is now among their most experienced players.

There was speculation he might also leave the Demons, with Davey's brother Alwyn playing for Essendon.

"It's excellent - it took a little bit more time than what we hoped, simply because we wanted to focus on Aaron's life, not only in the next four years of a contract but also the next phase of his life," Schwab said.

"That was critical to him, there were some other things we worked through and we locked it all away."

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