Narkle, drafted with Pick 60 by Geelong in 2016, suited up 13 times for the Cats in 2021 and averaged 16.5 disposals, three marks and two tackles.
Ralph Carr, Narkle's agent, told SEN.com.au that he is hopeful of an imminent agreement between the two sides.
"To be totally transparent, we're working through a deal (to stay). If we get the deal done, great, if we can't get the deal done, he might go," Carr said.
"But at this point I'm hopeful he's going to stay and that we can get the right deal across the line."
However, Carr said suggestions of a Narkle move to Richmond or elsewhere had no basis.
"It's never been anything but positive with the Cats from the day I started managing Quinton," Carr said.
"They've been terrific, the Cats."
After signing a one-year deal with Geelong in 2020, Narkle -- for now -- is without a contract for the 2022 season.