PORT Adelaide will keep all options alive in seeking the best return for departing star Zak Butters, the Power's footy boss says.

Ben Rutten says without clarity on what Victorian club Butters wants to play for next season, the club won't be locked into anything.

AFL.com.au's Cal Twomey has reported the Power could take the free agency pick – No.5 – for Butters, and work on other trades with the star's next club to boost their overall haul.

"There's a range of things what that could look like – players, picks, matching, compensations – that is all on the table for us," Rutten told reporters on Wednesday.

"There's a bit to play out in terms of time and different scenarios and options, so we're working through that.

"It's a world where lots of things can happen – and that's the reality of it. We don't know where it's at and what it might look like."

Butters, a triple club champion and three-time All-Australian, last week told Port he'd be returning to his native Victoria next season.

Geelong and the Western Bulldogs are the favourites to land the midfielder, ahead of Richmond.

Given Butters' status as a restricted free agent, Port has the option of matching any bid and thereby forcing a trade.

"It's pretty complex, it's not just as simple as a straight swap or whatever these days," Rutten said.

"Still probably another month to go until that trade window really opens up, so there's a lot to play out – and we don't have clarity."

Rutten said assessing what was appropriate compensation for losing Butters was difficult.

"Zak is a star of the competition, he's a three-time All-Australian, three-time best and fairest here at the football club," he said.

"I think everyone's well aware of what is Zak's standing in the game, what he's capable of – and he's got a lot of footy left in him.

"Who knows what that's going to look like? And that is as honest as I and we can be around that."