Valentine Holmes' pursuit of his NFL dream is over after he was cut by the New York Jets this morning.

The franchise dropped Holmes from its practice squad and he will now return to Australia to continue his NRL career.

The Courier Mail's Peter Badel is reporting Holmes is expected to sign a huge $4 million deal with the Cowboys, who have been linked with the 24-year-old since he left Cronulla.

Holmes quit the Sharks at the end of the 2018 season to follow in Jarryd Hayne's footsteps and try his hand in the NFL. He landed at the Jets in April after going through the NFL's International Player Pathway Program and continued his education on the practice squad.

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He participated in off-season workouts, training camp and the pre-season with New York. As part of the NFL's program, all four AFC East teams received an extra spot on their practice squads this season for players to continue working.

Holmes was hopeful of remaining on the practice squad before graduating to become a fully-fledged member of the 53-man roster next season but he won't get that chance after being dumped by the team.

The fleet-footed speedster impressed at times during the pre-season, finishing his stint as a running back and wide receiver with 11 carries for nine yards and eight catches for 85 yards in four appearances.

Holmes was one of rugby league's hottest talents before he headed Stateside and was widely viewed as the best winger in the game.

He won a premiership with Cronulla in 2016 and became a fixture in the Queensland and Australian sides as he established himself as a try-scoring sensation.

Before he started his NFL journey there was talk he wanted to leave the Sydney Shire and return home to Queensland and it's looking increasingly like he'll ink a deal that will see him play in Townsville.

Touted as a $1 million-a-season player, the Cowboys are reportedly prepared to splash big to recruit the flyer with a view to him playing fullback.

His impending signing would make it impossible for the Cowboys to recruit wantaway Sydney Roosters centre Latrell Mitchell after they built a war chest that could accommodate one big-money signing ahead of season 2020, but not two.

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The Roosters withdrew their $1.6 million, two-year offer to Mitchell and he is shopping himself around for another club. The NSW Origin star is off-contract in 2020.

Mitchell met North Queensland officials recently but it's looking like he'll sign with the Wests Tigers after the Bulldogs — another party rumoured to be chasing the 22-year-old — recently released a statement saying they had no interest in offering him a contract.