Former Cronulla Sharks star Valentine Holmes is set to return to the NRL after being released by NFL franchise the New York Jets.

The 24-year-old speedster left the Sharks at the end of the 2018 season in a bid to earn a place in the NFL and joined the Jets as part of the NFL's International Player Pathway Program.

He played in the team's four pre-season games as a member of the Jets' practice squad but is now set to return to Australia.

"Joining the New York Jets has been an awesome experience, one I would never change," Holmes said in a statement.

"I made personal and professional sacrifices to secure the opportunity to pull on the Jets helmet and uniform, I will live with no regrets around my decision to pursue an NFL career.

"I will now take some time off to organise my things and sit down with my family and my agent on my return to Australia to discuss next steps."

Stars have their say on Holmes' potential return

The North Queensland Cowboys are the frontrunners for Holmes's signature, and are expected to meet with the Townsville-born Holmes when he returns to Australia.

The Cowboys are understood to have kept at least $800,000 of salary cap space aside and have the capacity to offer Holmes a long-term deal.

Holmes has played 13 Test matches for the Kangaroos and scored eight tries in five State of Origin matches for Queensland. He scored 66 tries in 105 matches for Cronulla between 2014 and 2018.