Pickett, 21, entered the 2023 season without a deal beyond the end of the season and is said to have been chased hard by South and Western Australian teams.
Yet, as first reported by News Corp, the Demons have thrust themselves back into the driver's seat to keep Pickett on their books, reportedly improving the financial incentives on what looms as a four-year deal for the premiership forward.
Prior to being drafted by the Demons with the 12th selection of the 2019 AFL Draft, the Western Australian-born forward had been living with his uncle, Port premiership player Byron Pickett, and plying his trade with Woodville-West Torrens in the SANFL.
Should Pickett agree to terms on the mooted four-year deal, it would keep him in red and blue until the cessation of the 2027 season, a stage in which he will have met the markers for free agency.
It is believed that Pickett will put pen to paper with the Redlegs in the coming weeks.