MELBOURNE football manager Josh Mahoney says the club and Jeremy Howe’s management are still a fair way off from coming to an agreement over a new contract.

Speculation has been rife in the media this week about Howe’s future, with interest said to be high from a number of rival clubs.

But Mahoney said he didn't expect a contract to be signed anytime soon.

“I'm not sure if we are going to put an offer to him soon,” Mahoney said on Friday.

“Our last conversation we had with his manager was that he’d let us know when he wants an offer from us.

“Believe what you want to believe and the numbers in the paper, I haven’t seen a number that’s right for anyone’s contract yet.”

There were reports that Howe could command as much as $600,000 - $650,000 per season, with Greater Western Sydney reportedly making a strong play for him at the end of last season.

Mahoney said he and Howe were in regular contact.

“I have discussions with Jeremy regularly. We’re very comfortable with what he’s saying,” Mahoney said.

“He’s missed a long chunk of our pre-season with a hamstring and the last discussion we had in our office he said: ‘Look I just want to get back and play well,’ and so do we.

“He’s been up and down so far this year, so we want him to get into some good form and then we’ll start talking about it from then.”

Mahoney confirmed the club did have some room in its salary cap to go after some high-profile players.

“Yes we have, we’ve brought a number of players in over the last couple of years, some experienced guys to be coupled with our young side,” Mahoney said.

“But we’re certainly well-placed to bring in a free agent or a trade over the next couple of years.”