The 24-year-old met with Parramatta immediately after last week’s permission from the Dragons.
Breen says while the Eels will table a three-year offer to Lomax this week, it will be significantly less lucrative than his Red V deal.
Lomax is pocketing $800,000 from the Dragons this year, and that was reportedly set to rise to $850,000 next year and $875,000 in 2026.
He would have been the most expensive winger-centre in the NRL.
“The problem for Zac Lomax is it will be a three-year offer (from the Eels), and each year will be about a $150,000 to $200,000 short of what he was going to get paid at the Dragons,” Breen said.
“That’s the pay cut he’s taking.”
Part of St George Illawarra’s stipulation in agreeing to Lomax’s release is the Wollongong-based club wouldn’t pick up any of his salary next year.
Last week Dragons coach Shane Flanagan fired up when being grilled on the Lomax release, saying he was “sick of it”.
The star has been disgruntled since being shifted from centre to the wing by Flanagan this year.
His form has been impressive, though, and Lomax stunned spectators with a spectacular flick pass try assist against the Knights on Friday, highlighting his talent.
It’s understood Christian Tuipulotu, who was a late off-season pick-up for the Dragons from the Manly Sea Eagles to replace Corey Allan, is the most likely man to come into the side on the wing if Flanagan does pull the trigger.
The Red V also have no guarantees over Jack Bird retaining his centre spot, although he should be fit to play despite sustaining a knee injury against the Knights.