Te Maire Martin could play against Penrith just over a week after leaving the NRL club to join North Queensland.
The Cowboys on Monday confirmed he had joined the club on a deal keeping him in Townsville until the end of 2019.
The 21-year-old playmaker will begin training with the Cowboys this week after being granted a release by the Panthers on Friday.
Martin is a decent chance to debut for his new club in Saturday's home clash with the Panthers, as Queensland's Johnathan Thurston and Michael Morgan attempt to back up from Wednesday's State of Origin game two in Sydney in the Cowboys' halves.
The Cowboys expect Martin to be a long-term replacement for veteran Thurston, who is likely to play his last season next year.
"Te Maire ... will add important depth to the halves position and we look forward to him learning and further developing his skills under our coaching staff," Cowboys general manager Peter Parr said.
Martin will have the guidance of Thurston - one of rugby league's greatest playmakers - as he works his way up the Cowboys pecking order against fringe halves options Ray Thompson, Kyle Laybutt and Ben Hampton.
"I'm at the early stages of my learning so what better way to learn than from JT (Thurston) himself," Martin said.
Martin played 13 NRL games since making his debut last year.
A shoulder reconstruction limited his 2016 to six games and injury and form issues have led to him falling out of favour with Panthers coach Anthony Griffin this season.
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