Day joined the Hawks as a first-round selection out of West Adelaide in 2019 and has played 34 games in the brown and gold. Half of those came last season in what was a promising campaign for the young backman after a season hindered by injury.
2023 is set to see the 21-year-old trialled through the middle of the field as a utility option for Sam Mitchell, sharing his role in midfield and in his more recognised position at half-back.
The club may face some competition out of South Australia however, with both Adelaide sides having Day on their radar, according to reports from News Corp.
The Crows have looked to bolster their backline in recent seasons, with the potential addition of Day a move that could alleviate skipper Jordan Dawson and allow the former Swan more time in midfield.
Port Adelaide may have a harder time prying Day out of Bunjil Bagora given they enter this year without a first-round selection for the 2023 draft after securing Jason Horne-Francis through last year's off-season.
Both SA clubs are likely to join Hawthorn in waiting for an answer from Day for some time, with the young gun said to be likely to make a call on his future later into the season.
The potential loss of Day would be a huge blow to Hawthorn's list building for the future, with the 191cm defender a key cog in the club's rearguard.
Hawthorn currently have Chad Wingard, James Worpel, Jarman Impey and James Blanck, among others, unsigned beyond 2023, with the Mulgrave-based side still having plenty of work to do off-field to aid their rebuild.