On Thursday reports emerged that the Tonga international was seeking an early release after a career-best year at the Warriors.
The 27-year-old was critical for the Kiwi club en route to a top-four finish in 2023.
However, a News Corp report claimed Fonua-Blake is set to ask for a release from the remaining four years of his deal on compassionate grounds.
Fonua-Blake, who played 97 NRL games for Manly before joining the Warriors in 2021, signed for the Sea Eagles after impressing in the junior grades at the Dragons.
Rampaging forward Addin Fonua-Blake scored nine tries in 26 NRL games for the Warriors in 2023.
Flanagan is desperate to add some starch to his pack and declared his club would be keeping a keen eye on developments surrounding Fonua-Blake's future.
"We'll be monitoring what happens there, that's for sure," the Dragons coach told AAP.
"We want good players and he fits into that category.
"Without a doubt we'll look at it because he's got a history with our club."
St George Illawarra have money to spend and several spots available in their top-30 squad this season, with Flanagan proclaiming earlier this week that he was hopeful of luring Joey Manu away from the Sydney Roosters.
Flanagan developed a reputation for his shrewd recruitment at Cronulla but has resisted rushing into moves at the Dragons.
The Red V have signed just two players - South Sydney's Hame Sele and Flanaga's son Kyle from Canterbury - for the 2024 season.
Warriors chief executive Cameron George and Fonua-Blake's agent Tyran Smith were both contacted for comment.
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