The Daily Telegraph says the deal includes an automatic one-year extension with a repeat of any representative bonuses earned last year.
The offer comes in the face of the Australian Sports Anti-Doping Authority's evidence regarding the alleged use of banned peptides at the Sharks in 2011.
Players are believed to have been encouraged to accept a six-month ban over the alleged use of performance-enhancing drugs with the alternative being a two-year ban.
It's understood Sharks players are claiming if they did take banned substances they did so unknowingly.
It's been reported the products were not on the World Anti-Doping Agency's banned list at the time but both were included in the Australian Crime Commission report into doping and match fixing under the heading "Performance and Image Enhancing Substances".
It's not yet known if the Sharks players will be stood down from Cronulla's season opener against Gold Coast on Sunday.