Merrett is signed with Essendon until the end of 2027 but wanted to exit that deal during last year's trade period so he could move to the Hawks.
Essendon were adamant they would hold their skipper to his contract and even reportedly demanded up to four first-round picks and a future second-rounder from Hawthorn as part of their outlandish trade demands.
The deal didn't get off the ground leaving a lingering bitterness between Hawthorn and Essendon as well as straining Merrett's relationship with the Bombers and some of his teammates.
Merrett not only stepped down as captain in November but exited the club's leadership group altogether.
But the 30-year-old has been training hard with Essendon this pre-season and reports even emerged he was considering a contract extension beyond 2027.
Merrett, in Perth this week ahead of Victoria's State of Origin clash with WA, knocked back those reports but said he was open to listening.
"I wouldn't say considering yet," Merrett said.
"I mean, there's some openness to listen, as there always is when you're on your back nine of your career, so to speak. You're always open with what that could look like.
"But nothing has progressed outside of a very preliminary chat."
When asked if he viewed Essendon as his long-term home, Merrett replied: "I'm still contracted for two years, so I still very much feel like they're in charge of my career moving forward."
Merrett added he was pleased with the way Essendon had beefed up investment in their fitness department following the club's injury struggles in recent years.
When Merrett's trade to Hawthorn became a fast-emerging story last year, Essendon players Mason Redman and Nic Martin publicly spoke about their disappointment about their skipper's desire to leave.
Martin even went as far as saying he felt hurt and a little bit angry.
Merrett feels like he has now smoothed things over.
"I don't think it was strained," Merrett said of his relationship with Bombers players.
"I think they, in a weird way, were really keen to keep me and wanted to play with me. So I wouldn't say there were strained relationships.
"I think no doubt there was a bit of awkwardness, just to start with, given that we went through those three months.
"But to Mason and Nic, we had dinner before we went back to make sure that we were on the same page and I could be clear with what I went through and what they went through.
"And from day dot we were back on the same page and cracking into the pre-season.
"I think it's an ever evolving space, the trade period and the way the game is going. It's going to evolve more and more moving forward.
"So hopefully when that does happen for other players, moving forward, we aren't as critical of that player."
