The 25-year-old's inclination to stay has been reciprocated, with the Saints indicating their desire to retain Billings, according to AFL.com.au's Cal Twomey.
The crafty left-footer has averaged 20 disposals and nearly a goal a game this season, all while under the constraints of a plantar fascia injury he suffered pre-game in April.
Since he is a restricted free agent, the Saints could match another team's bid for Billings - if a deal was not achieved at St Kilda - and force a trade, however they would also be able to secure a free agency compensation pick if he departed.
According to Twomey's report, Billings could land the Saints a compensation pick similar to the one Adelaide gained for losing Brad Crouch last season (a second-round selection) should he depart Moorabbin at the end of the year.
Billings has played 142 games since St Kilda selected him with the No. 3 pick in the 2013 National Draft and is one of just four remaining restricted free agents in the AFL this year.