Collingwood have moved to extend the contracts of a raft of senior players including Steele Sidebottom to improve their tight salary cap position and lock in key players after recruiting Dayne Beams and re-signing Darcy Moore and Tom Langdon.

It's understood the Magpies are working towards extending contracts of other key players such as Sidebottom and Will Hoskin-Elliott.

Sidebottom's five-year deal was due to finish at the end of 2021 but it's understood he is likely to have his contract extended until the end of 2022 while Hoskin-Elliott, who was locked in until 2020, is also set to sign a longer deal. Others are expected to follow.

In effect, Collingwood are following a similar path to Richmond, who extended the contracts of stars Jack Riewoldt, Alex Rance and Trent Cotchin before acquiring prized free agent Tom Lynch on a six-year deal worth close to $6.5 million.

The difference is that Collingwood began the renegotiations after signing Beams, Moore and Langdon, having had conversations with key players to sound them out on their willingness to help the club deal with the tight salary cap in return for longer tenure.