Willie Mason is set to mark a memorable return to the NRL with a new deal and a $150,000 a year pay rise.

NMData: NRL Premiership Ladder

Regarded by many as washed up following a failed stint in Europe, Mason is expected be offered a new two-year deal with Newcastle Knights this week after silencing his detractors by becoming rugby league's best cut-price buy.

Mason will meet Knights officials on Thursday to discuss the deal which would see him stay at Newcastle until the end of 2014.

The 32-year-old's worth has skyrocketed to over $200,000 a season, with the former Canterbury-Bankstown star proving to be one of the Knights' best and most consistent players this year.

On match payments for the remainder of 2012 after linking with the Knights mid-season, the new deal will see Mason's season earnings triple in another remarkable rise.

Several NRL clubs, including Wests Tigers, baulked at signing Mason earlier this year with only Wayne Bennett prepared to take a chance on the colourful former Kangaroos forward.

The headline-grabbing forward was considered by many to be a liability because of his larger than life personality and sometimes troubled past.

Mason has thrived under the master coach during his 10 games this season.

He has impressed Bennett and Knights officials since joining Newcastle and is considered a club leader.

The Knights have begun clearing the decks for next season with Wes Naiqama released from the final year of his deal and Kyle O'Donnell set to join Penrith.