Bevan Paul interim CEO Parramatta Eels said:
"The Parramatta Eels did communicate an offer to Jarryd Hayne's management in the past 48 hours.
"This offer was made after reviewing the consequences of the NRL Salary Cap decision and the importance of maintaining a strong roster for 2017 and 2018.
"While it was a substantial offer, we were advised by Jarryd's management that it was not comparable to the other proposals.
"The Club wishes Jarryd well in his future endeavours"