James Packer could join Russell Crowe as a co-owner of NRL club South Sydney as soon as this week, as the billionaire seeks to take advantage of the Rabbitohs’ first premiership win in 43 years.

A former board member of bitter arch-rivals the Sydney Roosters, Packer is set to buy Peter Holmes a Court’s 37.5 per cent share in Souths.

The move would likely give the club unprecedented and unparalleled financial clout.

Crowe and Holmes a Court took 75 per cent ownership of the Rabbitohs following a membership vote in 2006.

The pair have since fallen out over the running of the club and Holmes a Court has rarely been sighted at Redfern in recent seasons, but the duo were captured by TV cameras embracing after Souths’ 30-6 drought-breaking grand final win over Canterbury at ANZ Stadium on Sunday.

Souths were saying nothing publicly when contacted by AAP on Wednesday, following reports Packer was close to sealing the deal.

But Packer has been linked with a possible buyout of Holmes a Court’s stake in Souths for nearly a year.

Packer’s Crown Resorts is the club’s major sponsor.

The combination of Australia’s richest man and Australia’s best know celebrity has the potential to turn the Rabbitohs into a sporting giant of this country rivalling AFL club Collingwood.

The Magpies boast over 80,000 members, well ahead of the Rabbitohs’ 30,000.

But the Rabbitohs v Canterbury decider was the highest rating grand final in rugby league history, out-rating the AFL decider between Sydney and Hawthorn in an indication of the untapped interest in the NRL.

Souths grand final win was their first since 1971 and the club is expected to make a profit of over $1 million for the second successive year.

However the club is still carrying a significant debt after losses totalling around $10 million in each of Crowe’s and Holmes a Court’s opening two years in charge at Redfern.

Under Souths’ unusual ownership structure, Holmes a Court is owed a reported $4.5 million.

He is expected to make a handsome profit, as well as having that figure paid out, when Packer does buy him out.

Crowe and Holmes a Court paid just $3 million for their 75 per cent share of the Rabbitohs eight years ago.

When Holmes a Court had the club website valued not long after Souths was privatised, he was told he had already recouped a significant portion of his investment.

Current estimates of the club lists its worth at around $20 million.