Geelong have increased their offer to Toby Greene to a three-year deal worth an eye-watering $3 million, reports Channel 7’s Caroline Wilson.

The out-of-contract GWS captain, turning 33 next Friday, is seriously wrestling over his future and aware he now needs to make a decision on sticking with the only club he has known or heading home to Victoria.

He already owns a home in the Surf Coast region but has spoken openly of his desire to lead the Giants to a maiden premiership — and how much it would break his heart to see them do it without him.

Know the news with the 7NEWS app: Download today

“My mind’s f***ing ticking,” Greene said on his Ausmerican Aces podcast on Tuesday.

“Probably struggled the last couple of days ... I’m done with speaking to people now, I just want to lock in for a couple of days.”

While he weighs up a homecoming and the value of success with the Cats against everything he knows at GWS, Greene received word of an improved proposal from Geelong.

“This has been one of the more extraordinary sagas, the way it’s dragged on,” Wilson said on The Agenda Setters.

“Geelong have now upped their offer to Toby Greene. My understanding is Toby Greene is considering a three-year offer from Geelong worth $3 million.”

The number drew a shocked reaction from panel members Dale Thomas, Luke Hodge and Kane Cornes as Wilson repeated it for emphasis.

Toby Greene says it is time to lock in and decide his future. Credit: AAP

“He has a family home in Airey’s Inlet, his partner is very keen to move back to the Victorian area — and yet he cannot make a call,” Wilson said.

“He had lunch or dinner early last week with their outgoing CEO Dave Matthews and a board member.

“He has been doing a lot of work with their list management and it’s been explained to him where they think that list is going and why they think the club will contend. He is having constant meetings.

“The club is trying to restrain themselves from losing patience because they so want to keep him.”

Future GWS captain Tom Green is “working on” Greene, who, Wilson said, “keeps looking at cautionary tales” from the past — including some from his own club.

Ryan Griffen left the Bulldogs for GWS at the end of 2014 and lost a highly charged preliminary final to the Dogs in 2016 before they won the grand final.

The same fate befell Brett Deledio when he swapped Richmond for the Giants at the end of 2016.

Complicating matters for Greene is the revelation that out-of-contract superstar Zak Butters, who he had been speaking to in recent weeks, chose the Bulldogs over Geelong.

Greene said it had not impacted his call “heavily” having always known Butters was 50-50 in his own decision-making.

Meanwhile, Thomas and Cornes questioned whether Tuesday’s news that GWS will listen to offers on Harry Himmelberg and Lachie Whitfield may not help the club’s cause to keep Greene.

“Does that change his opinion? Because to me that’s the club almost admitting we’re probably in a different phase to what we may have said,” Thomas posed.

“We are moving on some of our best players, our more senior players.”

Cornes said: “It has to. Bad timing.”

“As well as (letting go of) Jesse Hogan and Jake Stringer,” he added.

“They were happy to go but Stringer still finished seventh in their best and fairest. Hogan’s still their best key forward. They’re not getting any better (as a team).”