Off-contract Chester, 24, has shown great resilience to bounce back from two knee reconstructions that limited him to just 11 games between 2023 and 2025.
He missed all of last season but has started 2026 with a bang, averaging 185m in his five games while making four line breaks and 22 tackle busts.
Cowboys CEO Micheal Luck said Chester was just the kind of player the club wanted to keep, with his character and class top notch.
"We have kicked off negotiations with (manager) Tas Bartlett who looks after Tom," Luck said.
"He is a Townsville kid and a great young man from a really good and well known family up here.
"Tom plays the way he is brought up. He is a hard worker and diligent with everything he does and is all effort. That is how he got his spot in first grade and there is finesse about the way he plays his footy as well."
Chester brings entertainment and confidence to his play. In his scintillating display in the 35-31 win over Brisbane last Friday he was pointing to where he intended to run as he hurled his lithe frame into the defensive line.
Luck said Chester was "terrific on the biggest stage he has ever played" against the Broncos in front of a huge crowd. He ran for 245m, scored a try and made six tackle busts in a pulsating display.
He's set to be another key factor when the Cowboys play Manly in Townsville on Thursday night.
"I am just glad that he can get some consistent footy under his belt after he had those two knee injuries back-to-back," Luck said.
"It shows how good he can be now that he has strung games together."
Cowboys coach Todd Payten said Chester was not handed anything on a plate and loves his versatility and desire.
"Tom came through the junior system without making any rep sides but has got where he is through his tenacity, hard work and belief," Payten said.
"He has played lock, five-eighth and fullback along his journey and now he is in the centres.
"He is a tough kid who plays the way he trains. He just needed a little bit of luck."
The Chester development comes in the wake of the Cowboys wrapping up outstanding centre Jaxon Purdue on a four-year deal.
Purdue, just 20, is already being spoken about as a Queensland bolter for State of Origin. He hails from Mackay and just like Chester is a rising talent the Cowboys have prioritised.
"One of the main reasons this club was brought in 30 years ago was to give those guys an opportunity to stay here and play in the NRL without having to uproot their lives and go to Sydney or Brisbane," Luck said.
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