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Varcoe is contracted to the Cats next season but both player and club are exploring their options.
"Obviously Travis played 23 games this year for Geelong and he's contracted, so we're under no illusions if he is to move it's got to appease what Geelong wants and obviously what Travis wants," Varcoe's manager Tom Petroro said on NAB AFL Trade Radio.
"He's considering West Coast. I've had some discussions with West Coast over the last week or so.
"It just depends. Trav's got a young family … whether the move will be too big a move for his family. But that's certainly an option."
Petroro said Melbourne, which was dealing with the Cats to finalise key forward Mitch Clark's move to the Cattery, hadn't shown any interest in a swap for Varcoe.
Varcoe, who turns 27 in April, has played 138 games for the Cats since making his debut in 2007.
He is unlikely to return home to South Australia and Petroro denied a potential move was motivated by money.
"This isn't a money grab at all. It's more if the opportunity works for all parties then we go down that path," he said.
Meanwhile, Greater Western Sydney midfielder Jono O'Rourke will announce his choice of destination shortly.
The former No.2 draft pick is keen to return home to Victorian and is weighing up joining Hawthorn or St Kilda.
"I would think (he will make a decision) in the coming days," Petroro said.
"It now comes down to which club will best develop Jono to be the best player he can be. Where will he get the opportunities and then obviously which club can come up with a deal to keep Steve Silvagni (Giants list manager) and GWS happy."
However, North Melbourne on-baller Liam Anthony has not attracted much interest at this stage.
"I don't think he'll be at North Melbourne. There's been some marginal interest in Liam, nothing strong enough to get too excited about," Petroro said.