The 28-year-old Oates has crossed for 118 Broncos tries, just 24 shy of Renouf's mark of 142.
"If he doesn't get wounded he will definitely get the record," Renouf told AAP.
"I would be happy for him to get it .There is no one more deserving."
Oates has an option in his favour that he can take up for next year, and another one for 2025.
His manager George Mimis and Brisbane are in the process of getting his future sorted.
"Corey is one of the most passionate, selfless and loyal players that you could come across in the modern NRL," Mimis told AAP.
"His ambition is to be a one-club player with the Broncos."
Oates said he wanted to be a one-club man, ahead of the round 20 clash with Canterbury on Saturday.
"To finish up here would be great," he said.
Oates grew up in the small central Queensland community of Baralaba with farm life the centre of his world. He starred at an U15s carnival and his father wanted him to join Parramatta, but the Broncos swooped and he's been with the club he supported ever since.
"I feel pretty proud of myself to have got this far," Oates said.
"A few years ago everyone was writing me off and I probably deserved it. I am happy to have turned things around and be playing consistent footy. I've never loved it more."
Oates, a fan-favourite for his larrikin and country ways, has had a plethora of injuries throughout his career.
"I wished I'd listened to the older blokes when I was younger telling me to look after my body. Even though I thought I did, I wasn't looking after it enough," he said.
"It has just been about doing the 10 or 20 per cent extra that I wasn't doing. My family gave me some hard truths and I feel like I am playing my best footy."
Oates is just behind Darren Lockyer, Wendell Sailor (both 122) and Michael Hancock (120) on the all-time Broncos try-scoring list.
Renouf has a long history with Oates.
He said Oates' mother contacted him when he joined the club as a teenager and asked him to take the youngster under his wing. It's another reason why he is hoping he can go past his record.
"We have got that special history between us," he said.
"I really like Corey. He has been a stalwart of the club ... a one-club man. He is a big strong thing and he finds the tryline."
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