Port Adelaide midfielder Zak Butters has officially told the club he will be exercising his free agency rights, but is yet to inform the club of where he wants to head.

Butters has remained tight-lipped all year, with the football community confident he'd return to Victoria, and a quartet of rivals vying for his services.

"I've made a decision to head home, and it's obviously one I've wrestled with for a while now. It's been quite tough to get to the bottom of it," he said.

"It's been a tough decision in my life and one I haven't taken lightly.

"I feel like, although I've loved my time in Adelaide and everything the city and the football club have given to me, I'm probably at a stage in my life where I'd like to get back to family and friends and enjoy some more time with them and cherish more moments with them.

"Next steps, there's a bit to play through. A little bit with my manager and family and trying to decide on what's next for me. I'll look to get that sorted. The club have been great throughout so I'm sure they'll work together and get something done."

Geelong, Richmond, Collingwood and the Western Bulldogs are all in the running, with many pundits thinking the Cats have the upper hand.

Given his restricted free agency, the Power have the right to match any bid and force a trade.

If they don't, they are likely to accept Pick 5 as free agency compensation, which pales in significance to what the four rivals would offer from a trade perspective.

Butters has played 156 games for Port Adelaide since he was drafted with Pick 12 in 2018. He is a three-time best and fairest winner, two-time All-Australian and an AFLCA Champion Player of the Year.

More to come.

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