FORMER NSW halfback Peter Wallace is poised to ask the Brisbane Broncos for a release so he can re-join the Penrith Panthers.

The deal is expected to be finalised this week as the Panthers' recruitment program continues to build up.

While Wallace has another year to run on his Broncos deal, it is believed they would not stand in his way if he wanted to leave.

Wallace's probable return to Centrebet Stadium would be a massive coup for the Panthers, who have tried to sign representative halves Johnathan Thurston and Todd Carney without success in recent months.

It now seems certain that Wallace, 27, and Jamie Soward will form the halves combination at the Panthers next season.

The two former Origin playmakers would give the club experience, guidance, direction and a double-pronged kicking game.

media_camera Peter Wallace in action for the Panthers in 2007. Picture: Brett Costello

Even though Wallace's manager, Allan Gainey, preferred not to comment last night, the dominoes appear to be falling into place.

The Panthers are ready to off-load Luke Walsh to English Super League and it is understood the club's general manager, Phil Gould, has made contact with Gainey and submitted a preliminary offer believed to be for three years to bring Wallace back to the club.

Wallace hasn't formally asked Brisbane for a release as yet, but officials at Red Hill are aware of the situation.

Wallace, who played four Origin games for NSW in 2008 and 2009, has told friends he is uncertain of the direction Brisbane are taking.

News of Wallace's likely return to Penrith will delight their fans after Carney rejected the club to sign a new five-year deal with Cronulla.

"There were times when I thought I would have to go because I didn't think Cronulla could get there (financially)," Carney told Network Ten's The Game Plan.

Carney was even chaperoned around the Panthers' facilities.

"The Panthers have a huge future," Carney said.

Wallace played three seasons at Penrith between 2005 and 2007 before joining Brisbane and now seems destined to be front and centre in the club's future plans.

It wasn't the case in 2007 when he was offered a modest contract to remain at the club.

Reports at the time stated then Brisbane coach Wayne Bennett doubled the Panthers' deal to secure the young halfback.

His form in recent years has been solid but a change of environment might be good for him.