While Kevin Walters might not be interested in replacing Nathan Brown at Newcastle, the Queensland mentor admits he would have baulked at the NRL club's unique coach contract terms.

Walters said he was surprised by the timing of the club's announcement that Brown would be leaving at season's end with three-regular season rounds left and the Knights still in finals contention.

Nathan Brown is departing the Knights by "mutual agreement". Credit:AAP

He was quick to rule himself out of the running for the gig. But there is no shortage of contenders with Sydney Roosters assistants Craig Fitzgibbon and Adam O'Brien expected to top the list.

However, Walters admitted the Knights' coaching contract terms would not have appealed to him.