Wales captain Alun Wyn Jones will sort out his future after the Six Nations.
The lock's current contract with the Welsh Rugby Union and Ospreys finishes at the end of the 2020-21 season.
Ospreys head coach Toby Booth insisted discussions would be held after Wales' final scheduled tournament match against France in Paris on 20 March.
"It's something we're delighted to entertain with Al, he wants to get the Six Nations out of the way," said Booth.
"I'm sure those conversations are being had centrally with Wales, and we're inputting into that but we'll see where those conversations go after the Six Nations."
Ireland captain Johnny Sexton, 35, is the same age as Jones and has this week agreed a one-year contract extension with the Irish Rugby Football Union which will take him to the end of the 2021-22 season.
World record cap holder Jones remains an integral figure for Wales having played 146 times for his country and nine Tests for the British and Irish Lions.
His last deal was announced in July 2019 and contracted him to Ospreys and the WRU until June 2021.
Jones is also the record appearance holder for Ospreys and last appeared for the region in October 2020 against Ulster.
After suffering a knee injury in the Autumn Nations Cup against Italy in December 2020, Jones returned for the opening Six Nations match against Ireland in February 2021.
"Al's a quality player, there's very few players can come back off a medium-term injury ahead of time and do well at international level," added Booth.
"He's a quality individual, we're very proud to see him perform well for Wales and he's desperate to play some more for the Ospreys as well so it's a win-win for everybody."
Jones is in line to go on a fourth Lions tour against South Africa this summer and could become the tour captain for the first time.
Booth believes Jones' leadership credentials continue to flourish after the lock has already guided Wales to a Triple Crown this year with ambitions of another Grand Slam.
"Last week's game [against England] was an example, in the pressurised environment of international rugby, the Lions or wherever it may be, you want people that can deliver at different levels," said Booth.
"From a leadership point of view, a leading by example point of view, a performance point of view, Alun Wyn Jones is someone who delivers on all those fronts consistently and has done consistently for a long time.
"Coaches like certainty. How many people can do that?
"Probably three to five that can put their hat in the ring for that and he's on that list. Whether he's picked or not, he has characteristics you'd expect a leader of the Lions to have."
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