Darcy, who is contracted for 2024 before being eligible for free agency at the end of next year, has previously been tied to the Cats given his upbringing in the southwest Victoria area and Geelong's ongoing need to bolster their ruck stocks.
The Cats currently have veteran pair Rhys Stanley and Jon Ceglar in the twilight of their careers and nearing the end of their respective deals, with the Kardinia Park club having looked to the draft in recent years to add to their depth options in selecting Toby Conway and Phoenix Foster, who both remain untried at senior level.
Geelong have been linked with Carlton ruck-forward Tom De Koning already this year as the Blues big man weighs up his future in a contract year, with the Cats hopeful of paring De Koning with his brother Sam on their list as they continue to look toward adding experienced talent to their list.
With De Koning understood to have suitors in Essendon, St Kilda and Sydney as Carlton also look to retain their emerging tall, Geelong's attention is also said to be on Darcy for the next 12 months should he remain unsigned for 2025.
According to The West Australian, Geelong have offered a $5 million deal to lure the star ruckman back to his home state, while the Dockers are looking to finalise an agreement with the 24-year-old.
The Geelong Advertiser has revealed that a source from Geelong has stated the report is 'categorically untrue'.
Darcy's manager Scott Lucas recently squashed reports his client had spoken with the Cats earlier this year.
"I have not had a conversation with Geelong, so that's it," Lucas told SEN in May of Darcy's future.
"Now, I can't say what happens in two or three months' time, but right now that's incorrect."
The Dockers will be looking to compete with Geelong's reported high-priced offer and could have the flexibility to do so after former captain Nat Fyfe took a reported pay cut that saw his salary more than halved for next year.
An extension in the vicinity of $1 million per year for Darcy would see the Dockers be home to two of the competition's best-paid ruckmen, with Luke Jackson also understood to be on a lucrative contract after making the switch from Melbourne at the end of last year.
The West Australian's report suggests talks between Darcy and the Dockers could lead to a long-term deal for the former Geelong Falcon, with Fremantle hopeful of having Darcy penned for the future alongside the likes of Caleb Serong, Heath Chapman, Hayden Young and Luke Ryan, who are all signed until 2027.