The 23-year-old has been highlighted as a potential target of the cashed up Giants, who are also reported to be interested in his teammates Dane Swan and Dale Thomas.
Pendlebury will skipper the Magpies in the NAB Cup grand final against Essendon this Friday night with regular captain Nick Maxwell out injured, and has expressed his ambitions to snare the full-time job in years to come.
"Captaining Collingwood is something I want to do in the future and to get a small preview of it for the next few weeks is going to be exciting," he said on Thursday.
Pendlebury also recently revealed his management is working with Collingwood in the hope of securing a new contract after the collective bargaining agreement is finalised but before the end of the season.
He is in line to captain the Pies for more than just Friday night's decider at Etihad Stadium given Maxwell remains in doubt for round one after a knock from West Coast's Andrew Embley caused kidney bleeding last weekend.
"He has made some pretty quick returns in the past though so I wouldn't put [a round one return] past him," Pendlebury said.
Meanwhile, Magpies defender Ben Reid has been named to face the Bombers but remains in doubt after rolling his ankle against the Eagles and missing training with the injury this week.
Coach Mick Malthouse said a last-minute decision on Reid's fitness would be made.
"We've got a difference of opinion. Ben wants to play and he thinks he's right, so that will be made [on Friday]," he said.
"Believe me, if he believes he can play and the medical staff say he can play, he'll play.
"At the moment, they'll wait until [Friday] before they declare him in or out. It won't even get to me."
The Magpies have named Ben Sinclair, Tom Young and tall defender Tyson Goldsack - who is yet to play in the NAB Cup but has gained match fitness in the past two VFL practice matches - as emergencies.
Pendlebury said while the Magpies hadn't played their best footy throughout the pre-season, it had been business as usual since they won the premiership in October last year.
"Pretty early on, we went overseas [to Arizona] and we probably had our hardest training camp over there and any hangover we had got whacked out of us pretty early," he said.
"I know all the guys are hungry and a lot of the guys are looking forward to [Friday] night but more importantly, round one.
"We were a bit rusty last week and we want to improve this week on our structures and that's the most important thing - if we move forward this week going into round one, it holds us in good stead."
Scott Pendlebury is a $442,300 midfielder in the Toyota AFL Dream Team competition.
