16-year-old Suaalii is set to sign a AUS$2 million contract with the Rabbitohs

Teenage cross-code sensation Joseph Sua-alii is set to become the youngest millionaire in rugby league history.

The Daily Telegraph reported Suaalii will sign a four-year contract with the South Sydney Rabbitohs worth $2 million.

The 16-year-old will, therefore, earn $500,000 a season and has been tipped to eventually replace Latrell Mitchell at fullback for the Rabbitohs.

Sua-alii has already represented New South Wales in rugby league, rugby union, AFL and basketball.

Suaalii was playing for the Kings School's first XV side at the age of 14. He has also represented the New South Wales Schoolboys Sevens and Australian under 18s Sevens teams before his 16th birthday.

Rabbitohs CEO Blake Solly is not allowed to sign Suaalii until August but is eager for the opportunity to lock him in.

Solly says he is not just a very good player but a player you want in your club.