Essendon legend Tim Watson believes that Richmond coach Damien Hardwick should be the AFL's highest paid coach.

Hardwick's contract concludes after this season, but the Tigers are almost certain to re-sign him after delivering a drought-breaking premiership.

“I would give him three years and I think you need to make him the top-paid coach in the competition, so it would be between $800 thousand and $1 million,” Watson said on SEN Breakfast.

“When you look at where he is right now, he is at the top of his game, he is a premiership coach and they have a fairly young list.

“All the key planks are there for the football cub to have a dynasty and sustained success.

“Why would you not put him in as the coach for the next three-to-four years?”

Hardwick has coached 182 games at Richmond with a win rate of 50.5% over eight seasons.

Three consecutive elimination final exits followed by a horrid 2016 nearly cost the premiership coach his job, before the triumphant 2017 campaign ensured his place as a Richmond legend.

Richmond CEO Brendon Gale is keen to lock in Hardwick in the near future, telling Channel 7 that an offer isn't far off.

“We would like to see Damien coaching us for several years to come,” Gale said.

Hardwick is likely to surpass Jack Dyer (222 games) and Tom Hafey (248 games) as Richmond's longest-serving coach.