While the Pies have shown interest in the uncontracted midfielder-turned-forward for much of this season, both Richmond and GWS remain in the race to either prise the 24-year-old free or retain his services.
Despite climbing from a 17th placed finish in 2021 to claim a top-four finish last Sunday, the upcoming off-season looks set to be a busy one for Graham Wright and his list management team, with a number of key names linked with exits and entries at the AIA Centre.
Speaking on SEN radio waves on Tuesday, the station's Chief Sports Reporter Sam Edmund stated that while the Magpies could soon get their man in Taranto, it wouldn't be without a fight.
“He’s set to make a decision on his future by the end of the week. GWS (are) doing their exit interviews at the moment."
With the Giants announcing Adam Kingsley as Leon Cameron's full-time successor on Monday, Taranto is tipped to sit down with the current Richmond assistant in an effort to land on the same page before the trade period.
“He will meet Adam Kingsley. He was determined to meet whoever the new coach was going to be out of respect," Edmund added.
“If we’re talking about Taranto, Hopper, Hill, Bruhn – they’ve really dug in, GWS, on keeping Taranto.
“They’ve had a two-year offer and a four-year contract offer on the table for him since mid-year.
“He’s the one that GWS want to keep. Whether he reciprocates that enthusiasm remains to be seen.”
Though Taranto's signature would be more than welcomed by the routinely raucous members of the Magpie Army, Edmund suggested that fellow Giant Bobby Hill may soon make the move across the Murray himself.
“‘Bobby’ Hill is likely to be there (Collingwood) with him as well," the scribe stated.
Since joining the club with the 17th pick of the 2020 National Draft, Henry, 20, has laced the boots for 24 senior games, splitting the big sticks on 28 occasions.
Henry was named as Collingwood's medical sub for their nail-biting victory over Carlton to round out the regular season, however, the 20-year-old hasn't seen playing minutes since the Pies' victory over North Melbourne in Round 17.
Edmund claimed that while conversations between club and the fledgling forward had commenced, a financial figure and the terms of any extension remained up in the air.
“Ollie Henry has a decision to make as well," Edmund added.
“Club and management are a reasonable way apart on the financial element to this deal to stay at Collingwood, who have a lot of moving pieces.
“Henry has a bit to consider too given McStay’s coming in, perhaps Bobby Hill into that front 50 as well, so where does he play?
“That’s something Ollie Henry needs to weigh up as well. A lot of players coming in at Collingwood, a lot of players going out.”
While still contracted with the Pies for another five seasons, man-bunned ruckman Brodie Grundy has been linked heavily with an exit this off-season, with Geelong, Melbourne and Hawthorn raised as possible suitors.
Grundy, 28, is set to earn within the vicinity of $1 million a season for the life of the deal, yet, Collingwood's itch to part company with the South Australian could soon be scratched.
Recent reports have suggested that in a move akin to the Adam Treloar trade to the Bulldogs in 2020, Collingwood may be willing to eat a chunk of Grundy's contract whilst seeing him ply his trade in opposition colours next season.