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Bailey Simonsson will leave Canberra for Parramatta in 2022 before Josh Hodgson joins him in 2023, opening the door for Nick Cotric to return to the Raiders.

The door is open for one-time NSW State of Origin flyer Nick Cotric to return to Canberra after Bailey Simonsson left the NRL club for Parramatta.

The Eels confirmed Simonsson's signature on Friday morning, as part of a package deal with fellow Raider Josh Hodgson.

Simonsson will arrive at the club immediately for the 2022 season, while Hodgson will wait until 2023 to replace Reed Mahoney as hooker.

Hodgson will offer the Eels some much needed leadership and experience, but it is Simonsson's move that is almost more crucial in the NRL transfer market.

The 23-year-old has signed a three-year deal and will give the Eels depth in a backline that has been short on options at times.

His move should then help allow Cotric to fit back into their cap, with the Bulldogs looking to move on the final two years of his deal at the club.

Cotric arrived as one of the Bulldogs' first big signings for 2021, but failed to live up to the heights he enjoyed at Canberra between 2017 and 2020.

He scored just three tries in 14 games during a year ruined by shoulder and toe injuries.

If he does go, the Bulldogs will still have to contribute somewhat to his salary of close to $600,000.

However his exit would then alleviate some of the salary cap pressure on the club, who have been the biggest movers on the market this off-season.

The Eels on Friday championed Hodgson's arrival, after an off-season where they have lost Mahoney, Marata Niukore, Isaiah Papali'i and Ray Stone for 2023.

Hodgson will be 33 when he arrives, but will come armed with grand final experience at the Raiders as well as more than 20 Tests to his name.

"We are thrilled to have Josh join our club from 2023 as he brings strong leadership and a wealth of experience in such a key position," GM of football Mark O'Neill said.

"Josh has played for his country and has an incredible knowledge of the game which will add value to not only the NRL squad but our emerging juniors within our elite pathways.

"I have no doubt that he will have a big impact at our club both on and off the field."