The 30-year-old has reportedly been offered a slashed one-year deal to extend his stay in the blue and gold for a seventh season, reports 7 News' Ryan Daniels.
The offer is believed to be south of what Redden would be able to attain elsewhere, with West Coast feeling the pinch of their current financial situation.
Jack Redden has been offered a 1 year deal - but at a very significant pay cut.
Still likely to stay at @WestCoastEagles if minor details can be sorted.
Been a strong contributor since arriving, a lot of role sacrifice on his part.
Covid realities hurting salary cap for clubs.
— Ryan Daniels (@FootyRhino) September 7, 2021
It is understood that Vardy and the Eagles were both keen to continue their partnership, however the former Cat was unable to fit into the club's budget for next season, according to Daniels.
Vardy's exit and Redden's current contract conundrum have opened up some concern for the Eagles, who currently have a number of key names unsigned for next season.
Eagles premiership coach Mick Malthouse recently urged the club to hand the pair new deals so their legacies would not be "tarnished".
“Age is not the barrier. If the player is playing good football, you re-contract that player,” Malthouse said on ABC Sports Talk.
“When I look at West Coast, Josh Kennedy is an outstanding player. When he plays, he’s dangerous, he’s accurate, he’s competitive.
“If he is willing to play, you do not move him on.
“They can’t afford to lose players of the calibre of Kennedy and Hurn. They are still highly valuable players.
“If they were mid 20s playing like they do now, this wouldn’t be an issue.
“The last thing you want to see is their legacy tarnished by playing seconds footy."
Redden, who remains likely to stay in Perth, has been a valuable asset for West Coast since joining the club from Brisbane at the end of the 2015 season.
The midfielder has played 242 games across his career with both clubs, having made his debut with the Lions in 2009.