Cerra, who spent his upbringing in Melbourne, has requested a move back to the Victorian capital ahead of the 2022 season.
It's understood the rebuilding Carlton Blues are the favourites to secure his services, with the number five pick in the 2017 national draft impressing during his four years in the AFL, which has already seen him play 76 top-flight games.
While Carlton are seen as the favourites to secure Cerra, trading away the number six draft pick, all of the Essendon Bombers, Hawthorn Hawks and Richmond Tigers have also been previously linked to the star.
It has been tipped he could command as much as $750,000 per season in his next deal.
Fyfe told 3AW Sportsday that he was frustrated that he and David Mundy had stepped aside, only to see Cerra go.
“I am (disappointed) but I’ve probably moved on from it a little bit,” Fyfe said.
"I was really disappointed initially as he’s such a good young player and young man, he’s put a lot of work into our club over four years.
“Frustratingly as a senior player, David Mundy and myself have stepped aside in the last couple of years to try and grow some of these young players so it does bite when they do pick up and head back home, as is their right to do."
Fyfe said he was excited by the future of the club however, nominating two players he thought could be the backbone of the club for "years to come."