Petrie's manager, Shane Casley of Elite Sports Properties, told AFL.com.au he had had "some preliminary discussions" with North about a contract extension for the co-vice-captain, who is set to become an unrestricted free agent at the end of this season.
"We're not quite there, but we're still in open dialogue and North has been very fair and reasonable," Casley said.
"(North list manager) Cam Joyce is away this week, but we're heading in the right direction."
Casley said North and 30-year-old Petrie, who has held or shared the Roos' vice-captaincy since 2009, had agreed on the length of his prospective new contract from "day one".
Asked what was delaying Petrie from signing, Casley said there were "lots of things to consider in contract discussions".
But Casley said he was hopeful Petrie would remain a North player.
"Adam Simpson was able to play all of his career at North Melbourne and I would hope Drew ends up in the same boat," Casley said.
"But it's a business and we need to get Drew the right contract."
In February, North football chief Donald McDonald told NMFC.com.au the club had opened discussions with Petrie and was confident of re-signing him.
"Drew is one of our most important players and is greatly respected at this club," McDonald said.
"He's also extremely loyal and we have no doubt he'll be with us beyond this year."
A month earlier, Petrie told The Age it was extremely unlikely he would test the free agency market.
"I don't think there is any value in me pursuing anything else away from North Melbourne," Petrie said.
"I am 30, which as people like to say are not the best days for a footballer, but my body is good, my form has been great over the last couple of years.
"I just have to make sure my body stays in good nick and I perform, play my role for the team."
Petrie has played 225 for North since debuting in 2001. He was an All Australian in 2011 and has led North's goal-kicking in three of the past four years (2009, 2011, 2012).
