Collingwood president Eddie McGuire says the AFL club will need substantial compensation if premiership midfielder Sharrod Wellingham is to get his wish to join West Coast.

The out-of-contract 24-year-old confirmed on Thursday night he wanted to return to his home state of Western Australia and continue his career with the Eagles.

McGuire said he hoped a deal could be done, but that would depend on what the Eagles come up with in return in the trade period, which starts next Monday.

"He's saying that he might want to go there and now the West Coast Eagles will need to come up with something fairly substantial to get the deal done," McGuire said on Melbourne's Triple-M radio on Friday.

"Hopefully things will work out, but that will be everybody coming to their senses and offering decent compensation."

Wellingham has played 92 games for Collingwood since being elevated from their rookie list in 2008.

The midfielder, who grew up barracking for the Eagles, had spent several weeks weighing up whether to stay with the Magpies or return to WA and said family ties as well as the Eagles' premiership prospects swayed him.

"I will now go on a break overseas and wait for the two clubs to reach a deal on the terms of my move back home," Wellingham told the Eagles' website.

"It will be exciting to get back to Perth and to play in front of my family every week.

"That was a very strong influence on my decision to leave and I look forward to playing with the Eagles.

"Playing against them, we had enormous respect for West Coast and I believe they have a young list capable of winning a premiership in the next few years."