AFL.com.au understands Melbourne has started preliminary negotiations with North to secure Pedersen, 25, with the Roos seeking a draft pick rather than a player.
Pedersen, 193cm and 95kg, has shown remarkable versatility since joining North as a mature-age recruit ahead of the 2011 season, playing in the ruck, defence and attack.
After an impressive debut season - when he played 14 games, kicked 18.5 and won North's best first-year player award ahead of Shaun Atley and Kieran Harper - Pedersen played just two games this year, and none after round eight, despite outstanding VFL form with Werribee.
Click here to view Pedersen's career stats
Melbourne and North's negotiations might be complicated by the fact the Dees are still waiting to see what pick they will have to use to secure Jack Viney in the father-son nominations on October 5, three days ahead of this year's trade period.
Greater Western Sydney and Gold Coast are the only teams with selections ahead of Melbourne in this year's NAB AFL Draft, but if either bid their first pick for Viney (the son of former Demon captain and current player development manager Todd) Melbourne would be forced to use the No. 3 pick on him.
If GWS and the Suns do not bid for Viney, who some recruiters rate as being worthy of a top-10 pick, the Demons would be free to use their second-round pick on him. Although Melbourne is obviously hoping this eventuates, losing its second-round pick could hurt its chances of securing Pedersen.
The Dees' third-round pick, which is likely to fall in the 50s once Gold Coast, GWS and free agency compensation picks are factored into the draft order, is unlikely to satisfy North.
However, Melbourne may be able to satisfy North with the compensation pick it is set to receive from Brent Moloney's likely departure as a free agent.
Melbourne will face competition to secure Pedersen too, with Collingwood also understood to be keenly interested in him.
Despite Pedersen's struggles to break into North's senior team in 2012, Roos coach Brad Scott consistently said this season he was playing AFL-quality football and was only on the outer because of North's key-position depth.
North Melbourne refused to comment when contacted by AFL.com.au, saying it did not discuss potential trades.
Nick Bowen is a reporter with AFL.com.au. Follow him on Twitter: @AFL_Media
The views in this article are those of the author and not necessarily those of the AFL or its clubs.
