Ospreys legend Shane Williams believes only "a really good job offer" could tempt chief executive Andrew Hore away from his "top job" at the Welsh region.
But the former Wales wing feels the New Zealander, who joined Ospreys in 2008, may want to work nearer his homeland.
Reports have linked Hore with taking over at Sydney-based Super Rugby side Waratahs.
"I think it would take a really good job offer and good future potential job there for him to go," said Williams.
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"However, Andrew Hore is from New Zealand. I assume his intention eventually is to go back home and perhaps Waratahs is that step closer."
Hore came to Wales as conditioning coach under then-national coach Steve Hansen in 2002.
He left in 2005 to join New Zealand Rugby Union as high performance manager and later became Ospreys elite performance boss in 2008.
The title of chief operations officer, in 2010, and Ospreys chief executive, in 2013, followed for Hore.
Waratahs' chief executive Greg Harris has left after a restructure involving them and the New South Wales Rugby Union.