Other teams would also be able to lodge a bid, and with Walsh one of the most exciting talents in the sport and only 21 at the conclusion of 2023, a bidding war would likely ensue if he turned down his player option.
"We never wanted to lose Reece," said Broncos coach Kevin Walters.
"We are a Queensland-based club and I had high hopes for Reece to play for the Broncos.
"I wished Reece all the best at the Warriors. He has been playing some good footy for them, which I expected him to do, but he's only young.
"I'm not sure what will happen down the track, but Reece is always welcome back here, certainly."
The Courier Mail claim the Warriors are aware of Brisbane's plans, but Warriors assistant Craig Hodges is hopeful the club can build an environment that is too alluring for Walsh to depart.
"The Broncos would be mad not to have a crack at Reece and there will always be the family connection to come home to Brisbane," he said.
"But if he feels valued with what we are doing, there might be no reason for Reece to leave.
"It might not be as simple as Brisbane wanting him back, so they'll get him back.
"I guess a bit of that will come down to the type of club we are building at the Warriors and whether he feels he wants to be a part of that.
"If we travel on the path I'm expecting us to go on as a club in the coming years, it might be too exciting for Reece to leave."
Walsh's immediate future will likely be based in Australia anyway, with the fullback yet to play a game in New Zealand, and unable to travel to the country until the transtasman border is open again – a situation that has led the Warriors to prepare to start their 2022 campaign in Australia.