The Brisbane Lions could match Essendon's offer for restricted free agent Matthew Leuenberger rather than accepting a "disappointing" end-of-second round compensation pick.

The Lions announced on Tuesday afternoon they had been informed by the AFL that their compensation for losing Leuenberger as a free agent would be pick No.39 in this year's NAB AFL Draft.

Lions CEO Greg Swann said the club was disappointed by the AFL’s decision and would consider matching Essendon's offer for the ruckman.

"He was a first-round draft pick and at his best a strong contender for All Australian selection, so we would expect better than what we have been offered as compensation," Swann said.

"It's a matter of fairness and consistency. Given what has happened in recent years in relation to compensation picks, we would have thought that we'd have received something in the second round rather than at the end of it."

In the lead-up to the NAB AFL free agency period, Leuenberger, 27, was pursued by Essendon, Sydney Swans and Fremantle before nominating the Bombers as his preferred new home on Monday.

Essendon lodged a free agency offer with the AFL on Monday afternoon and the Lions now have until Thursday afternoon to inform the League whether they will match the offer.

If the Lions match, Essendon can try to broker a trade for Leuenberger – as Geelong did for Adelaide restricted free agent Patrick Dangerfield – or attempt to pick him up in the national or pre-season draft.

The Bombers are expected to invest heavily in youth at the national draft, so it is hard to see them offering the Lions an earlier pick than No.39.

Their first two selections – No.4 and 23 – and the second-round pick, No.25, they are expected to receive from Melbourne for Jake Melksham will presumably be off limits.

The Dons' next selection is pick No.41.

If the Lions match the Bombers' offer, it will be the first time in free agency's four-year history that a club has done so.

Geelong agreed to a trade with Adelaide for Dangerfield without lodging a free agency offer.

Leuenberger, 203cm, played 108 games at the Lions after being taken at pick No.4 in the 2006 national draft. 

The ruckman suffered his share of injuries at the Gabba and fell behind Stefan Martin as the Lions' No.1 ruckman this season.