Melbourne has refused a deal that would send Pick 27 and a first-round pick swap (Pick 13 for Pick 16) to Collingwood for Brodie Grundy.

The proposed trade came from the Magpies after the Demons obtained Pick 13 in the Luke Jackson deal to Fremantle. Collingwood has asked for a top-25 pick from the Demons and are chasing more than just the 27th pick Melbourne currently holds.

Now, with just two days remaining in the AFL Trade Period, the Pies are prepared to hold onto Grundy.

The reports come from The Age, despite Former Pies recruiter Matt Rendell suggesting on Monday that Collingwood is unable to pay Grundy's contract next year.

The Magpies have been willing to pay a portion of Grundy's reported $900,000-$1,000,000 yearly salary after a move, but could hold onto the two-time All-Australian if a suitable deal isn't made.

Grundy had an interrupted season due to PCL and stress fracture (ankle) injuries and only managed six games this year.

In seasons past, the 28-year-old competed with Max Gawn for All-Australian selection and could form a dominant duo with his rival at the Demons in 2023.