The Socceroos centre-half lost his place in the U's rearguard last season and is expected to leave the club this summer.
Coyne's younger brother Jamie also plays at Perth and coach Dave Mitchell expects a decision by the weekend.
"It's just still up in the air really," said Mitchell.
"He's got some issues over there at the club and we've made an offer and there's a few other clubs in the mix so as of yet, we don't know.
"We'll just have to wait and see and probably by the end of the weekend, we'll probably know something."