Luai is set to be the face of the Chiefs in 2028 and could be reunited with some of his former Panthers teammates, with lucrative tax-free dollars on offer.
Penrith have a swag of stars coming off contract including Yeo, Nathan Cleary, Brian To'o, Moses Leota and Liam Martin.
Yeo said while his first preference was to remain with the Panthers, he had to be "open-minded" about his future and would become a free agent on November 1.
"Certainly one club would be nice, but I'm understanding as I've gotten older that rugby league is a business and opportunities are never a bad thing," the 31-year-old said.
"You have to think of your family. I've got three young children now and this will probably be my last contract.
"There's a big long list of us off-contract and myself personally, I've got to be open-minded."
The powerhouse lock was asked whether he could see his co-captain Cleary moving away from Penrith and his coaching father Ivan.
Nathan Cleary and Luai won four premierships together in the Panthers halves before the latter joined Wests Tigers ahead of the 2025 season.
"I can't see him (Cleary) in another jersey other than a Panthers jersey but it's never a bad thing to go and see what else is out there I guess," Yeo said.
"It'll certainly be an interesting off-season, for sure - you'd be mad if you weren't in another club and looking at those players."
The NSW State of Origin skipper believed it was exciting for the game that Samoan international Luai had opted to take a chance on the new outfit, giving the Chiefs immediate credibility.
"If you've got the ability to land someone who's a marquee player in our game - it's the unknown for players, for the media, for fans but if you can go and jag someone like Jarome Luai ... that might sort of prick people's interest there and at least entertain the idea.
"It's going to change the landscape of our game, so I think it's a wonderful signing for him, a wonderful signing for them as well.
"He's a wonderful connector and I feel like those are the kind of players you need and those kind of leaders you need when you're starting a new organisation."
Yeo felt for the Perth Bears, who have struggled to land their own superstar signing without the tax-free allure of PNG, urging the NRL to provide more assistance as they prepare to join the competition in 2027.
"There could be a side to it where there could be some more help for the Bears.
"I think they're four or five months out from starting their pre-season probably, and I dare say they would have liked it to be a little bit smoother than what it's been."
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