The Bombers quickly turned down the proposal, ensuring Merrett's future will remain a major story until the Wednesday 7.30pm deadline.
Sydney were also pitching a deal on Tuesday as their bid to recruit Carlton star Charlie Curnow gathered momentum.
And Essendon recruited Gold Coast winger Brayden Fiorini for a third-round pick in next year's draft.
Earlier, Bombers greats Tim Watson and Matthew Lloyd had spoken of their growing doubts that the Merrett trade would happen.
Hawthorn put up their No.9 round-one draft pick this year, their first-round selection next year, plus a second-round pick this year or next.
Hawks youngster Henry Hustwaite, who played four senior games this season, was also part of the proposal.
"Our position has not changed," was the reply from an Essendon spokesman.
The Bombers have been adamant they will not trade Merrett.Â
News of Merrett's meeting with Hawthorn coach Sam Mitchell last month stunned the AFL. The Essendon captain's awkward acceptance speech a few days ago when he won his sixth club best-and-fairest award sounded a lot like a farewell.
On Tuesday morning, Watson said he was "convinced" Merrett will not leave for the Hawks.
Lloyd is also now "starting to get a bit 'stay'".
"I believe that there was a lot of brinksmanship going on regarding Zach Merrett and Essendon's stance," Watson told SEN.
"I don't believe that any more. I believe that they will not do a deal with anybody and Zach Merrett will remain an Essendon player.
"I am convinced that is the case and that is exactly what will happen. There's a conditioning process that's probably been undertaken to this point.
"In my mind right now he's 100 per cent an Essendon player next season and beyond."
Watson said even if the Hawks were able to "turn Essendon's head" with an offer, the Bombers would reject it.
Hawthorn made a preliminary final last month and Merrett is seen as a major midfield boost that would put them firmly in premiership contention.
Should Merrett stay, the next steps will be rebuilding any burned bridges and whether he stays captain.
"They can worry about how they bring him back in the fold and alleviate any concerns that he has about where they're at right now," Watson said.
"But they want him to remain and he will remain an Essendon player."
Likewise, before the Hawks made their offer, Lloyd was leaning towards the trade not happening.
"I've been 100 per cent that he will go and end up at Hawthorn. But I'm starting to get a bit 'stay' on that, just because my mail is that Hawthorn haven't presented anything close enough for the Bombers to consider," Lloyd told the Trade Off podcast.
The day after Curnow toured the Swans' headquarters, details of their proposed trade were made public.
At this stage, Sydney would send draft pick No.11, a first-round selection next year and players Ollie Florent and Will Hayward.
In return, the Swans would secure Curnow and pick No.22, which the Blues received as compensation for Jack Silvagni joining St Kilda under free agency.
Geelong's offer last week of first-round selections in the next three drafts for Curnow was rejected swiftly by Carlton.
Deals are also yet to be done for Melbourne midfield stars Christian Petracca (Gold Coast) and Clayton Oliver (GWS).