Collingwood and Bobby Hill have reportedly settled on an agreement for the Norm Smith medallist to depart the club.

AFL Media’s Callum Twomey reports the Pies and Hill’s management have reached a contract settlement after the small forward still had four more years to run on a deal signed last year worth around $750,000 annually.

The formalisation of Hill’s exit is expected in the coming days. He will technically be delisted by the Magpies and thus qualify for delisted free agency.

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The 2023 premiership hero is believed to be keen to play on at a third club after he started his career at the Giants.

Seven, who first reported last week that Hill’s management and Collingwood had started talks over his exit, claimed he’s interested in playing for a Queensland-based club, while he’s previously been open to joining Port Adelaide given its strong Indigenous cohort.

McRae emotional speaking on Bobby Hill | 01:07

Collingwood coach Craig McRae was emotional when speaking on Hill’s looming exit from the club last week.

“There is an emotion attached to it. There is, yeah, absolutely,” McRae said last week.

“There’s the playing part and the high performance of what he’s capable of doing for our team and for our supporter base. And then there’s the other personal part.

“You know, he’s a father. I’m getting emotional thinking about it. A young man with three kids. You want the best for all our players to come into our environment and be good humans and be a good father and a good husband; those things that we’re trying to instil.

“But environments change and shift, but lots of love and care for Bobby.”

Hill has been absent from Collingwood HQ in recent times and made sporadic appearances at the club over the last 12 months while dealing with personal issues.

He hasn’t played an AFL game since Round 21 last year.