And Geelong have swooped on Jack Martin, securing the former Gold Coast and Carlton forward until the end of 2026.
Membrey kicked 293 goals in 178 games for St Kilda but was not offered a new contract by the Saints.
The 30-year-old underwent a medical at Collingwood last week, and on Friday inked a two-year deal with the Magpies that ties him to the club till the end of 2026.
Membrey kicked 30 goals from 19 games last season, and he'll be aiming to play a role in lifting 2023 premiers Collingwood back into the finals.
"It happened pretty quickly to be honest," Membrey told the Collingwood website of his move to the Magpies.
The black and white stripes just look good on everyone ⚫️⚪️— Collingwood FC (@CollingwoodFC) Welcome to Collingwood, Tim! pic.twitter.com/0e91KWaanwOctober 31, 2024
"It was pretty quiet for a while there and then my manager just rang me and said, 'Collingwood are pretty interested, do you want to go and have a chat?'
"I thought why not, and then on the Tuesday I caught up with a couple of guys in here (the AIA Vitality Centre) and the following day I had a medical and then I think the end of the day it was all pretty much good to go."
Martin played 97 games for Gold Coast and a further 54 for the Blues before being delisted by Carlton in September.
The 29-year-old is the third player to join the Cats this off-season following their acquisition of former Bulldogs star Bailey Smith in the trade period and Irishman Cillian Burke as a Category B Rookie.
Geelong announced on Thursday they have re-signed Patrick Dangerfield (2026), Mitch Duncan (2025) and Rhys Stanley (2025).
"Patrick Dangerfield reached out about a month ago," Martin said.
"It's always nice when you get a text like that. I'm looking forward to meeting everyone over the next few weeks."
The delisted free agency period will give an AFL lifeline to a host of players.
Key forward Sam Day is being tipped to land at Brisbane after being axed by Gold Coast.
The Lions are on the lookout for more reinforcements in attack following Joe Daniher's retirement at the age of 30.
Fremantle are eyeing off former Geelong and Port Adelaide forward Quinton Narkle.
Narkle is good friends with new Dockers recruit Shai Bolton and is expected to join Fremantle as a pre-season supplemental selection rather than as a delisted free agent.
Other players on the lookout for a new opportunity include former Cats forward Gary Rohan, ex-Hawthorn defender Denver Grainger-Barras, former Melbourne utility Adam Tomlinson and Geelong premiership midfielder Brandan Parfitt.
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