Anthony McConville, the man who represents the Geelong goalkicker, said Lonergan was happy to stay at Skilled Stadium, but just how much the 24-year-old would earn from the two-year deal on offer from the Cats remains a sticking point between the two parties.
"At this stage the club has put a two-year deal to Tom and I've met with Neil Balme to begin negotiations," McConville said on Thursday.
"I'm now awaiting Neil to get back to me with a revised offer. That's where we've left it."
A key player in Lonergan's future might be current teammate Brent Prismall – and in fact any other Cat who opts to discard the blue and white hoops before Friday's 2pm trade deadline.
Should Prismall get his wish and find a new home and the greater opportunities that will accompany it, the Cats' salary cap pressures will slightly ease, freeing up some cash that might be used in the bargaining process of Lonergan's contract.
"They've got salary cap problems and obviously a lot will depend on what happens with Brent Prismall and a number of other players and I suppose what they probably have got left in the bank [and on] their balance sheet," McConville said.
"I suppose we'll sit back and we'll wait for that to play out and hopefully we can come to a resolution.
"At the end of the day I've just got to wait for Neil to get back to me and we'll just go from there.
"He's happy to stay at Geelong, but you know at the end of the day it comes down to what's on the table and we need to look at that."
Asked whether Lonergan had been discussed with other clubs this week, McConville replied: "Not with me."
"My understanding is it hasn't but you'd probably best ask Neil Balme that," he said.
"Obviously the club wants to keep him; they've put forward a two-year deal."
Geelong has been linked to Essendon's Andrew Lovett this week, but Balme has said the club was reluctant to trade for players because of restrictions in its TPP (Total Player Payments).
Instead, should any Cats insist on being traded, those in charge at Skilled Stadium will go in search of draft picks.
The 2008 AFL exchange period runs from October 6-10, 2008. Please note, no trades are official until paperwork has been accepted by the AFL and formally recognised after 2pm EST on Friday, October 10.
Follow all the ins and outs of football’s most intriguing week at afl.com.au/trade. Track every trade as it is confirmed, plus the very latest news via our twitter feed.
