Melbourne have left the door open for Jesse Hogan to seek a trade to Fremantle.
And if that happens the Demons will chase Gold Coast captain Steven May hard.
Melbourne have steadfastly fought off advances from the Dockers in the past, with the WA club keen to lure the power forward back to his home state.
But the Demons have softened their stance with Hogan, who has dealt with the death of his father and testicular cancer in the past 18 months, and is out of contract at the end of next season.
"Jesse's got a bit of thinking to do over the next few days," Mahoney told Trade Radio on Tuesday.
"He's at a stage of his career where he's got to work out what's best for him and one option he wants to consider is going back to Perth.
"He's going to take the next few days to think about that. (A trade) is certainly a chance at this stage.
"Through his management he'll come back to us before the trade period starts on Monday."
The Demons are keen for the 23-year-old to stay but are understanding of his personal circumstances should he request a trade.
If that is how the situation unfolds they will demand a hefty return, most likely two first-round draft picks.
That scenario would give them salary cap space and picks to satisfy the Suns to part with the contracted May, which is the only way he'll join the club.
"We wouldn't be able to afford Steven May with Jesse on our list so that's the way they're linked and it's an opportunity that is created for us, but there's a decision to be made by Jesse first of all," Mahoney said.
"As a club we have to look at every possible opportunity and Steven May is a player we've been tracking for a little while.
"We think as a club if he decides to come to Melbourne, we'd be a really good choice for him."
Mahoney also confirmed his club is interested in luring Kade Kolodjashnij from the Gold Coast and Braydon Preuss from North Melbourne.
Dean Kent, Dom Tyson and Aaron vandenBerg are likely to continue their careers elsewhere next season.
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