The former Deniliquin Rams footballer was heavily tipped to be included in AFL trade talks since last month.
This potential deal came about as his Port Adelaide Power star teammate Zak Butters nominated the Western Bulldogs as his preferred destination this off season, as a restricted free agent.
With Port Adelaide set to match the Bulldogs’ contract offer, a trade with adequate return will likely be required for the Power or let him go for a compensation draft pick from the AFL.
Port can accept compensation, which would currently deliver pick No.5 in this year's draft, or match the Bulldogs' offer and force a trade.
The Power need draft capital to match Essendon's expected pick No.1 bid on Port academy prospect Dougie Cochrane and 2027 prospects Zemes Pilot and Louis Salopek.
To get what Port felt was a fair Zak Butters move over the line, they explored trading Marshall to the Bulldogs for two first-round draft picks in return.
But that was knocked on the head by the AFL last week, with league football performance general manager Greg Swann flagging that clubs cannot complete side deals to run alongside compensation picks unless the trade stands up on its own.
As the AFL's trade period opened last Monday, Western Bulldogs list manager Michael Regan dismissed trade speculation at a press conference.
“We’re not having any ongoing conversations with Todd,” he said.
There has been no confirmation that Marshall has any interest in being involved in a trade away from the South Australian club where he is contracted.
He has played his entire AFL career, 131 games, there since being drafted with pick 16 in the 2016 national draft.
The key position player - who signed a five year contract with Port - played 15 senior games this year after missing the entirety of the 2025 season due to an Achilles injury.
Last week, Port Adelaide list manager Jason Cripps said the club has been working with Marshall on his future and potential trade movement in the future.
“It’s obviously just a completely separate discussion with Todd; we’ve been really open and honest with him in terms of where he’s at,” he said.
“We need to be aggressive with what we’re doing and try and find creative ways, based on some of the rule changes, in trying to attain extra picks and points into next year.
“Clubs have shown some interest and inquired about Todd, but nothing has progressed any further than that at this stage.
“Obviously, Todd is contracted so he obviously has a fair say in how this plays out also.”
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