COLLINGWOOD and Bobby Hill have agreed on a deal that will see the 2023 Norm Smith medallist depart the Magpies.

The Magpies have been in recent discussions with Hill's management about an exit, with AFL.com.au understanding the deal is agreed on his departure.

The formalising of the exit is expected soon in coming days and Hill will depart as a delisted player, meaning he will qualify as a delisted free agent. He is keen to play on at a third club, having started his career at Greater Western Sydney.

Hill had four years remaining on his deal at Collingwood until the end of 2030, worth about $750,000 a season, but his exit has been negotiated with the Magpies. He didn't play a game this season.

Collingwood coach Craig McRae last week became emotional speaking about his 2023 premiership player, with Hill having booted four goals in the Grand Final win over Brisbane.

"There is an emotion attached to it, there is, absolutely. There's the playing part and the high performance of what he's capable of doing for our team and for our supporter base, and then there's the other personal part," McRae said.

"You know he is a father; I think of that young man with three kids. You want the best for them, for all our players to come into our environment and be good humans and be a good father and a good husband; those things that we're trying to instil. But environment changed and shifted, but lots of love and care for Bobby.

"He's a premiership player and Norm Smith Medallist and will forever be welcomed inside the four walls for the future. We want to make sure that we love this guy for the rest of our lives."

AFL.com.au last week revealed Geelong was also in negotiations with Tyson Stengle to see the premiership forward leave the club after a season spent largely away from the Cats. Those discussions are progressing.