Anthony Milford has rejected a $1.2 million a year offer from the Storm and is set to sign a $4 million contract extension with the Broncos.
The 23-year-old will lose out on $800,000 to remain in Brisbane until the end of 2021.
Milford informed Melbourne coach Craig Bellamy he will remain in the Queensland capital.
The Storm mentor had hoped Milford would replace the outgoing Cooper Cronk who will leave Victoria at the end of the season.
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