GEELONG, AUSTRALIA - APRIL 24: Jason Horne of the NAB AFL Academy in action during the match between the NAB AFL Academy and the Geelong Cats VFL side at GMHBA Stadium on April 24, 2021 in Geelong, Australia. (Photo by Daniel Pockett/AFL Photos/via Getty Images)

North Melbourne have knocked back a sensational offer from Adelaide that would have seen Pick 1 exchange hands for the first time since 2001, with three first-round selections heading to Arden Street in return.

The Crows' move comes as local talent Jason Horne-Francis firms to be the first selection of the upcoming National Draft next month and would be seen as a perfect acquisition for the rebuilding club out of West Lakes.

The Kangaroos look destined to hold onto Pick 1 through the trade period, with North Melbourne list boss Glenn Luff recently stating it would take a "pretty attractive" offer for the Shinboners to part ways with their place at the front of the queue.

Despite leaving the door ajar for clubs to circle the prized selection, Adelaide's reported gargantuan proposal to land Pick 1 and therefore Horne-Francis has been declined by Luff and the Roos.

According to AFL.com.au's Callum Twomey, the Crows placed their 2021 first-round selection (Pick 4), their future first-round selection and Melbourne's future first-round selection - which was acquired by the Crows earlier this week.

The Kangaroos would have also sent their future second-round pick to the Crows along with their top selection for this year's National Draft.

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The proposal was reportedly baulked at by the Kangaroos, who now look destined to hold onto the rights to Pick 1, with a "pretty attractive" offer perhaps not coming greater than what Adelaide raised in negotiations.

The last time Pick 1 was traded came in 20 years ago, with Hawthorn acquiring the top selection along with Picks 20 and 36 for the 2001 Draft, sending Trent Croad and Luke McPharlin to Fremantle.

MELBOURNE, AUSTRALIA - SEPTEMBER 27: Sam Mitchell and Luke Hodge of the Hawks celebrate with the Premeirship Cup during the 2014 AFL Grand Final match between the Sydney Swans and the Hawthorn Hawks at Melbourne Cricket Ground on September 27, 2014 in Melbourne, Australia. (Photo by Quinn Rooney/Getty Images)

The Hawks went on to select four-time premiership player Luke Hodge with their new selection and would land fellow premiership captain Sam Mitchell with Pick 36.

Croad would also return to Waverley after just two seasons with the Dockers.