The AFL are keeping close tabs on a potential Zak Butters trade after suspicious new theory was floated in recent days.

Butters, a triple club champion and three-time All Australian, last week told Port he’d be returning to his native Victoria next season.

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Geelong and the Western Bulldogs are considered the frontrunners, while Richmond are still in the mix.

Given Butters‘ status as a restricted free agent, Port have the option of matching any bid and thereby forcing a trade.

Should he depart as a free agent then the Power will land pick No.5 as compensation.

Departing star Zak Butters will ensure Port Adelaide are active players in the off-season frenzy. Credit: AAP

The Power have long held the stance they will match a bid to force a trade and get a greater return, but AFL Media’s Cal Twomey reported that pick No.5 might form part of a bigger package that is sent over to Port Adelaide.

The idea being that whichever club Butters chooses could then complete a separate trade with Port Adelaide to help satisfy them.

But it’s fair to say the idea hasn’t gone down well around the league, according to 7NEWS reporter Xander McGuire.

“It’s raised some eyebrows within the industry, rival clubs, as to whether that is technically some sort of draft tampering thing to get their compensation pick and then get something else on the outside,” he said on The Agenda Setters.

“I put the question to the AFL today. They’re looking into it, and I think the intrigue around the league has just lit a couple of fires.”

Earlier on Wednesday, Port Adelaide footy boss Ben Rutten said they are keeping all their options open.

“There’s a range of things what that could look like - players, picks, matching, compensations - that is all on the table for us,” Rutten told reporters on Wednesday.

“There’s a bit to play out in terms of time and different scenarios and options, so we’re working through that.

“It’s a world where lots of things can happen - and that’s the reality of it. We don’t know where it’s at and what it might look like.

“It’s pretty complex, it’s not just as simple as a straight swap or whatever these days.

“Still probably another month to go until that trade window really opens up, so there’s a lot to play out - and we don’t have clarity.”

Rutten said assessing what was appropriate compensation for losing Butters was difficult.

“Zak is a star of the competition, he’s a three-time All Australian, three-time best and fairest here at the football club,” he said.

“I think everyone’s well aware of what is Zak’s standing in the game, what he’s capable of - and he’s got a lot of footy left in him.

“Who knows what that’s going to look like? And that is as honest as I and we can be around that.”

— with AAP