Brisbane captain Darren Lockyer is bitterly disappointed Greg Inglis will not be joining the Broncos next season.

The Broncos sensationally pulled the pin on their offer to the Queensland and Test superstar after he failed to meet the club's ultimatum to sign a two-year NRL deal on Saturday.

Brisbane put the deadline to Inglis on Friday, giving him 24 hours to sign a $1.2 million two-year contract with Brisbane.

The club had waited patiently for 14 weeks for Inglis to make a decision, but withdrew the offer.

"It is a shame, I don't know the full details, but it sounds like Greg won't be at the Broncos next year which is a shame, it really is and we will have to wait and see what happens," Lockyer said.

"I am not disappointed in him, there is obviously a few issues there that need to be sorted and in the end they couldn't sort it out.

"It will put some money back into the salary cap but there is not a lot out there."

With Inglis understood to have little interest in a move to French rugby union, he could be set to join Russell Crowe at South Sydney, although the Rabbitohs might struggle to fit him under the salary cap.

Lockyer doesn't know if Inglis will sign with Souths, but does believe he will remain in the NRL.

"I wouldn't be surprised if he joined another NRL club, but I am not too sure how many clubs have got room in the salary cap for him," the Australian skipper said.

"He plays rugby league so I guess if he is not playing for us he will be playing for someone in the NRL."

The 23-year-old was to replace AFL-bound Israel Folau, but has been embroiled in a dispute with Melbourne over the payment of a $113,000 legal bill incurred in employing a QC to successfully defend him against assault allegations last year.

Inglis could still have signed Brisbane's contract, which then could have been lodged with the NRL and registered once the dispute between Inglis and his club was resolved.

But the Broncos have decided to walk away from the deal.

"We have worked long and hard on these negotiations, as have the other parties," Broncos chief executive Bruno Cullen said.

"But with training already underway and no sign of the matter being resolved in a manner that would benefit the Broncos and its playing roster, it is time for the club to move on."

Inglis is still contracted to the Melbourne Storm, who told AAP they will review their salary cap but have little chance of fitting him in, meaning he will become a free agent on Monday.

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