North Melbourne has decided not to match the offer made by Essendon to restricted free agent Ben McKay.

North Melbourne will receive Band 1 compensation for the departing McKay, meaning the Roos have AFL Draft selection No.3 to add to the second overall pick in this year’s AFL Draft.

The Roos now hold draft selection Nos. 2, 3, 15 and 21, as well as two third-round selections, with a week remaining in the Continental Tyres AFL Trade Period.

McKay arrived at Arden Street at selection No.21 in the 2015 AFL Draft and has played 71 games since making his debut in Round 23, 2017.

North Melbourne general manager of football Todd Viney acknowledged McKay’s contribution to the club over the past eight years.

"We understand that free agency is part of football and, after consideration, ultimately decided it was in the best interests of the club not to match the offer presented to Ben," he said.

"Right now, that gives us two picks at the top end of the draft. That’s similar to last year when we were able to take Harry Sheezel and George Wardlaw with two really early picks.

"Making the call on allowing Ben to leave was a tough one. He’s made a significant contribution during his time at the club as a key part of our defence and, more recently, a member of the leadership group.

"We respect his decision to exercise his free agency rights and wish him the best in his next chapter."