The Dolphins have become the first NRL club to openly declare an interest in Ben Hunt after St George Illawarra terminated the contract of their want-away captain with immediate effect.
The Dragons confirmed on Wednesday they had chosen to part ways with Hunt, despite the 34-year-old having a year to run on his contract.
Hunt has spent the past 12 months agitating for a release from his contract, and recent comments in the media have made his ongoing employment untenable.
"Ben is an exceptional player and his skill set will not be easily replaced," said Dragons coach Shane Flanagan, who will need to find a new captain and lead playmaker.
"However, we are committed to finding the right solutions and believe in the strength of our club moving forward."
On the flipside, Hunt will now be free to entertain offers from rival clubs for the 2025 season, after dropping several hints that he didn't see a future for himself at the Dragons.
Hunt has intimated for months that he wants to finish his career in Queensland, and after news of his release became public on Wednesday, Dolphins chief executive Terry Reader said his club would be open to talking with the veteran playmaker.
"The Dolphins have always said that we are interested in good players that are available," Reader said.
"We only learned of the situation regarding Ben Hunt from the media this morning and have not had any contact with him or his management in relation to him coming to the Dolphins.
"However we are sure if he is interested in speaking to us, we will hear from his management."
The Dragons' decision to pull the pin on their on-off relationship with Hunt is a brave move considering there is no obvious alternative on the NRL's open market.
But chief executive Ryan Webb said the move "is best for the club".
"This decision was not easy and was not taken lightly, but we need to do what is best for the club at this time," Webb said.
"After extensive discussions with Ben and his management, it became clear that this is the best path forward for both parties.
"It allows the club to openly explore the player market and focus on the future.
"Ben has been an important part of our club and we are grateful for his contributions.
"We wish him and his family all the best in their next chapter."
Hunt has cut an increasingly frustrated figure, and his recent comments surrounding the Dragons' pursuit of Parramatta's Clint Gutherson appear to have been the final straw of his time at the club.
Hunt had suggested that the Eels fullback would make a great five-eighth for the Red V, despite the fact that Flanagan's son, Kyle, has been the Dragons' first-choice No.6 for the past year.
The Australian international had also voiced his frustrations that talks for an extension had been put on hold and not resumed after this year's State of Origin campaign.
Hunt was with the Dragons for seven seasons and only played in one finals series.
"I am grateful for everything the club has done for me over the years and appreciate them allowing me to explore other opportunities," he said.