Eddie McGuire has told Triple M radio that West Coast will need to come up with something "fairly substantial" if it wants to sign Collingwood's Sharrod Wellingham.
Originally from Western Australia, Wellingham has requested a trade from the Magpies and has nominated the Eagles as his club of choice.
The midfielder is out of contract, but is not a free agent, so both clubs would have to come to a deal during the trade period if any move was to be made.
But McGuire said the deal was nowhere near done. "Hopefully things work out, but it'll be everyone coming to their senses and offering decent compensation," he said.
Wellingham announced his desire to change clubs via the West Coast website on Thursday.
''The dealings I have had with West Coast have been really impressive and I will now go on a break overseas and wait for the two clubs to reach a deal on the terms of my move back home,'' the West Australian native said.
''It will be exciting to get back to Perth and play in front of my family every week. That was a very strong influence on my decision to leave and I look forward to playing with the Eagles.
''Playing against them, we had enormous respect for West Coast, and I believe they have a young list capable of winning a premiership in the next few years.
''I will always have some very good friends [at Collingwood], but it is now time to move on.''
- Collingwood has decided not to nominate James Stewart, son of defender Craig, as a father-son pick in the draft. Craig Stewart played 115 games for the Magpies. The cutoff for father-son nominations was 2pm today.