Ulsan are considering letting Dimitri Petratos leave, with Newcastle Jets keen to swoop if the Australian midfielder departs South Korea.
Discussions surrounding a mutually agreed contract termination between ex-Brisbane Roar midfielder Petratos and the club are on hold because of a two-week break in the K League.
But a club spokesperson told Goal that Ulsan are willing to let Petratos leave just four months into a three-year contract.
"Club and player are talking about termination of the contract but nothing is confirmed yet," they said.
"Petratos went to holiday back in Australia and Korea is on holiday as well. Therefore, discussions are on hold for few days."
Petratos has missed Ulsan's past four matches since starting against Brisbane in the AFC Champions League (ACL) on May 10.
The 24-year-old signed a three-year contract with Newcastle in January, which was set to commence at the start of the 2017-18 A-League season.
But Ulsan hijacked the move in February by paying Roar a transfer fee for his services, with the Jets receiving compensation.
When contacted by Goal on Monday, the Jets stated: "The club is interested in signing Dimitri Petratos given his latest contractual developments with Ulsan."
It has been speculated Brisbane and Sydney FC could also be interested in signing Petratos.
Since joining Ulsan, Petratos has made nine appearances in the club's 22 matches in all competitions.
Petratos' younger brother Kosta has signed a one-year contract with Newcastle after spending the last two seasons with Perth Glory.
Having played for both Roar and Sydney in the A-League, Dimitri has made 124 A-League appearances and scored 19 goals.