Disgraced Canberra centre Joel Monaghan is expected to be sacked as soon as an extraordinary Raiders board meeting is held in the national capital - which could be as early as this weekend.

Raiders chairman John McIntyre said on Friday he was ringing the eight board members in an attempt to organise a meeting to deal with Monaghan's Mad Monday "prank".

It was initially believed the Raiders board would meet on Monday, following reports that sponsors had threatened to withdraw about $1 million worth of revenue over the lewd photograph of Monaghan.

But McIntyre said the sooner the board dealt with the matter the better.

Asked if the board meeting would be held on Monday, McIntyre told AAP: "I would prefer to have it sooner.

"I am on the phone in the process of waiting to confirm whether or not we have a conference with the board members to deal with this situation.

"As soon as I can have my fellow board members available we will convene.

"We will make an announcement after that board meeting."

Asked whether the board meeting was being hastily organised due to pressure from sponsors, McIntyre said: "That's highly speculative".

The NRL is closely monitoring the Raiders' response to the photograph in which Monaghan is in a compromising position with a dog.

Monaghan faces the prospect of not only being sacked by Canberra but also being de-registered by the NRL, ensuring he can't play rugby league in Australia.

The Raiders also sacked Todd Carney in 2008 following a string of alcohol-fuelled incidents, prompting the playmaker to also be de-registered by the NRL.

Carney completed a remarkable turnaround on his NRL return in 2010, guiding the Sydney Roosters to the grand final while also picking up the Dally M Medal, the Golden Boot and a Test jersey.

Rugby league clean skin Andrew Ettingshausen believed Carney was proof that Monaghan could make a successful NRL comeback following his Mad Monday disgrace.

TheCronulla legend also cited ex-NRL bad boy Greg Bird as an example - but he warned Monaghan that he faced a long road to redemption.

"It is certainly going to be a very tough battle for him to come back and earn back that respect," Ettingshausen told Fox Sports.

"We've seen a couple of players be able to do that over the last number of years - Birdy had a bit of an incident and been able to come back into the Australian team.

"We've got Todd Carney who is playing this weekend (in the Four Nations clash against New Zealand).

"It's a long road back for these guys. They have to turn it right around.

"But they have to show they are not only willing to but they have to go out and prove it."

Asked if he was surprised by the latest off-field rugby league controversy, the veteran of 165 tries and 328 games for the Sharks said: "I guess you are never that surprised - it's happening every year now."

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