On a dramatic day at Manly, the 36-year-old Cherry-Evans confirmed he was leaning towards playing on next season but said it would not be at the Sea Eagles.
Within hours of that news breaking, Manly bosses revealed they planned to offer Cherry-Evans a two-year deal on Tuesday to ensure he finishes at Brookvale.
AAP understands that deal to be in the vicinity of $700,000 per season, allowing him to stay in the NRL until 2027 and after his 38th birthday if he wishes.
"We've been internally discussing a two-year deal for Daly. His form this year warrants a two-year deal," Manly CEO Tony Mestrov told AAP.
"His start to the year has been second to none. We want him to be a one-team player and a legend of the club.
"I will be making that offer tomorrow to his management."
Chairman Scott Penn also backed the move, adamant he wants Cherry-Evans to finish his career a Sea Eagle.
"We want him to be a one-club player and win another competition with us," Penn told AAP
But while Cherry-Evans labelled the process as "really bizarre" since the news dropped of his impending exit, he said he would not take up the offer.
"Respectfully, no," Cherry-Evans said on 100% Footy when asked if he would accept the offer.
"I have been sleeping on this decision since December. Talking to my family, we are okay with the decision. We are at peace with it.
"We understand that it's not going to make everyone happy. There will be a lot of Manly fans really upset with this. I understand this.
"But as a family and a friendship group, we have been aware of it for a while now ... and we're content with this decision."
Cherry-Evans said prior to Monday, he had not received an offer from the Sea Eagles, and denied the club had tried to low-ball him.
Instead, the Manly captain claimed he gauged interest from other clubs late last year, and when no rivals tabled offers the Sea Eagles did not feel the need to either.
But while Manly have long stressed that was in order to give Cherry-Evans time to consider his future, the halfback on Monday said he wanted to allow the club to move on.
"Based on all the reports last week, I felt like it was starting to become regular news and not news I enjoy," Cherry-Evans said.
"So I thought the best thing I could do for the situation was to let everyone know where it is at and where it's been at for a while.
"By cutting ties with Manly this year I felt like that was the best chance for me to have freedom throughout the year to have my time to choose, and for them to have time to pick the best halfback for them."
AAP has been told the Dolphins would be interested in speaking to Cherry-Evans about a move to Redcliffe if his intention is to switch clubs.
St George Illawarra and the Sydney Roosters would loom as other clubs expected to be interested in the halfback, along with Canterbury.
Cherry-Evans said his preference at this stage remained to continue playing rugby league in 2026.
"I definitely want to play on," Cherry-Evans said.
"I love this game and I love playing footy. Game day for me is the best day of the week.
"If it was to end at the end of the year I am so content with that part of it. But there is still a burning desire to keep going.
"But I am not going to put that pressure on a decision any time soon."
Cherry-Evans has played 333 games for the club, since taking Manly to a premiership in his rookie 2011 season. He remains in the league's top halfbacks.
The halfback's exit would come as a significant blow to the Sea Eagles, given a serious lack of depth on the play-making market.
They have signed teenager Joey Walsh, but he is currently playing his first season back in rugby league after captaining Australia's under-18 rugby union side.
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