Collingwood forward Jamie Elliott is set to finalise a new contract extension with the Magpies in the next fortnight.

The 22-year-old is due to fall out of contract at the end of this season but the Magpies are set to begin formalising the new deal in a meeting with Elliott's manager, Anthony McConville of Mac's Sports, this week.

It is believed the term of the contract is still being sorted out.

Elliott told AFL Media he could not imagine not playing at the Magpies – a club that has turned him into one of the most promising young forwards in the AFL.

"We're pretty close to getting (the contract) done," Elliott said in Bendigo as part of Collingwood's Community Camp in the region.

WATCH: Elliott's 2013 Mark of the Year.

"I want to stay at the Magpies. They've given me this opportunity and I want to pay them back for that.

"I can't see myself being at any other club to be honest, so hopefully that's done in the next two to three weeks."

Elliott had an outstanding start to the 2014 season before a niggling hamstring injury restricted him to 17 games.

The high-flyer still managed to boot 33 goals and rack up another mark of the year contender after soaring over veteran Cat Jimmy Bartel in round three last season.

WATCH: Elliott's screamer against Geelong in 2014.

Elliott has been training part-time with the club's midfield group with the expectation that he will spend a bit of time through the middle of the ground and on the wing in 2015.

His goal-kicking prowess will still be needed up forward this season, but Elliott sees dabbling in the midfield as the next logical stage in the evolution of his career.

"I've been rolling through the midfield a lot more than I have (in the past) and learning more about the roles," Elliott said.

"For me to take the next step (in my career) that's what I've got to add to my game.

"It'll probably be a 30-60 (midfield-forward) ratio that I'll roll through there."

Elliott, who hails from Euroa in north-east Victoria, has played 52 games in three seasons on Collingwood's list after being on-traded from Greater Western Sydney, along with Martin Clarke, in exchange for the Pies' No.25 pick in the 2011 National Draft.