The emerging midfield superstar, winner of the AFLCA award and a placegetter in the AFLPA MVP count on Tuesday night, comes out of contract at the end of the 2013 season.
He is already the hot favourite to replace Chris Newman as captain of the Tigers next season, by which time player and club hope to be a fair way down the path to a new deal.
"Yeah, we have had chats so we are at the table talking. It's obviously going to take some time. There is a fair bit to go through but it will all get done in due time," Cotchin's manager Anthony McConville told the Herald Sun.
"I would imagine we would be able to crunch a deal. I would be confident of that, but we need to go through all our normal processes. We haven't got any timeframes."
Richmond signed Brett Deledio to a five-year deal at the start of the 2012 and is also looking to secure long term deals with spearhead Jack Riewoldt and midfielder Dustin Martin.
