Petratos is set to fly out to Riyadh for a medical with an unnamed club, after agreeing to terms on a contract that is likely to earn the 27-year-old about $1 million a season.

The Jets have agreed to a transfer fee and the departure of the classy No.10 will create space in the salary cap, which is expected to be reduced from the current $3.2 million a season.

The loss of Petratos, who propelled the Jets to the 2017-18 grand final, is likely to be softened by the retention of Ibini.

The power-packed attacker joined the Jets mid-season and has been a revelation since the league returned from the COVID break.

The former Socceroo scored with a stinging strike in the Jets' season-ending 3-0 win over Wellington on Thursday night and has caused defences nightmares with his drive out of midfield.

"Bernie is close," McKinna said. "He has played under Carl [Robinson] previously and is loving Newcastle. We have seen glimpses of what he can produce. He hasn't been fully fit yet. "

Petratos, who was one of the Jets' highest earners, had two years to run on his contract.

The reduction in the broadcast deal with Foxtel - $56 million a season to $32 million - is set to impact club grants and the salary cap, which is almost certain to be cut as part of a new collective bargaining agreement.

Petratos has a young family and the money on offer in the Middle East is well above the A-League.

"It is good business for us and him," McKinna said.

"We thank Dimi for everything he has done and wish him the best. We don't know what is happening with the salary cap and what the budget is going to be. In these circumstances, with the uncertainty, it is a good opportunity for him."

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McKinna said though disappointed to lose Petratos, his exit would free up room for next season.

"The difference that will make in the salary cap will open up doors for other people," McKinna said.

With Nikolai Topor-Stanley and Lachy Jackson contracted for next season and James Donachie signing a three-year deal in June, there was speculation that Boogaard may be squeezed out.

However any doubts over the skipper's importance have been expelled in the past month.

"Negotiations re the salary cap are coming to a head with the PFA and the FFA," McKinna said. "Both parties are saying it has to be done by August 31.

"We will have a conversation with Nigel. The coaches have been very impressed with what he has done since they have come in."

Preliminary talks have also been had with Joe Ledley, who is keen to return on the proviso COVID restrictions have eased enough for his family to join him.

He leaves for Wales on Sunday.

Panamanian striker Abdiel Arroyo's loan deal is finished and he will leave on Tuesday for New York.

Petratos' younger siblings, Kosta and Makis, are off contract but McKinna said the club was keen to keep them.

Dimi signed a three-year extension in October 2018 after he went to the World Cup with the Socceroos.

It will be the second time the Jets have pocketed a transfer fee for Petratos.

After signing with the Jets from Brisbane in January 2017, he joined Korean club Ulsan Hyundai. The move earned the Jets $150,000 without him having kicked a ball for the club.

However, it didn't work out in Korea and he linked with the Jets in June 2017.

The latest transfer fee is undisclosed but is understood to be way above the previous figure.

In 79 appearances, Petratos has scored 22 goals and provided 26 assists. His leads the league this season with assists and chances created.

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