The WA club will enter the NRL in 2027 ahead of the arrival of a new Papua New Guinea team in 2028.
The introduction of two expansion clubs has created waves in the market, with teams making a point to re-sign the best talent long term.
Papenhuyzen is among the highest-profile players available for 2027, alongside the likes of Jahrome Hughes, Jayden Campbell and Payne Haas.
And while Dolphins coach Kristian Woolf on Wednesday warned recruitment would not be easy for the franchise, Papenhuyzen said he could see Perth being an attractive option.
"I'm sure when that time comes around, my manager will be all over it," Papenhuyzen said, hours before the WA government confirmed the creation of the NRL's 18th franchise.
"It would be tough, but I think there's also an appeal of a foundation club.
"You don't get many opportunities to do that. I don't think it would be too big of an issue to attract players."It's a new team, people are looking for the opportunities."
Papenhuyzen signed a one-year extension to remain at Melbourne for 2026, while he has a mutual option to remain at the club in 2027.
Fellow livewire Sua Fa'alogo is contracted with the Storm until the end of 2028, but has an option to leave if Papenhuyzen stays on and blocks his path at No.1.
Papenhuyzen conceded on Wednesday it was hard to see them both staying at the Storm long term, particularly if Fa'alogo continues to star on the wing.
The Perth team has scant time to waste as they prepare to officially hit the market on November 1 and start signing players for 2027.
Perth will have more lead-in time than the Dolphins did for 2023, but do not have the advantage of being an established club on the east coast.
There will be 72 spots for players opened up by the Perth and PNG teams, with the NRL flagging the prospect of South African rugby talent being enticed to Western Australia.
"We are in a great spot here in Redcliffe but even we had challenges in getting people to come to the club," Woolf warned on Wednesday.
"It can be a hard sell to get a player away from where they are existing when they are comfortable and happy with the club, the coach and how the team is.
"There are going to be some real challenges there.
"The part about the depth, I think it is going to stretch the depth in the short term."
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