The Penrith Panthers will announce former Canterbury forward Corey Payne as the chief executive of the club's rugby league department.

Fairfax Media can reveal Payne is finalising a deal with general manager Phil Gould to take the position vacated by Justin Pascoe's departure to the Wests Tigers at the end of last year.

New Penrith boss: Corey Payne Credit:James Brickwood

The Panthers have restructured the organisation since the exit of group boss Warren Wilson at the start of the season, with new group boss Brian Fletcher entrusting Gould to head up the search for a rugby league CEO.

Payne, who spent eight seasons in the NRL playing with the Bulldogs, Dragons and Tigers, is renowned for being one of the most academically gifted rugby league players and graduated the University of Sydney with a bachelor of commerce.

Payne, who is currently working in a managerial role at Woolworths head office, was also named in the NRL's academic team of the year in 2011.

The 31-year-old, who retired from the game prematurely in 2012 to pursue a business career, will be the youngest chief executive in the sport.