Butters says he still has a "little bit to play through" in deciding which Victorian club he'll join after leaving Port Adelaide.
And King, who has long been touted a target of Hawthorn, has told the Suns of his intent to leave Gold Coast.
King confirmed his move hours after Butters announced his departure from Alberton to take one of the most lucrative deals in AFL history.
Just from who remains uncertain, as he weighs offers from Geelong, the Western Bulldogs, Collingwood and Richmond.
"Next steps, obviously a bit to play through in the next little bit with my manager and family, and trying to decide on what's next for me," Butters said in a video released by Port on Monday.
"And yeah, I'll look to get that sorted in the next little bit.
"The club have been great throughout everything, so yeah, I'm sure they'll work together and we'll get something done."
Butters' move to Victoria had been flagged throughout the season, which for Port ended with a win over Essendon on Sunday.
The brilliant midfielder told Port's hierarchy of his intentions on day one of exit meetings.
"It has been a tough decision in my life and one that I haven't taken lightly," Butters said.
"I've loved my time in Adelaide and everything the city has given to me and the football club has given to me."
Victorian-born Butters wanted to be closer to family and friends and "enjoy some more time with them and cherish their moments with them".
"I'll always be a Port Adelaide person. I'll always value this club and what it's done for me," he said.
Port chief executive Matthew Richardson said the club was now "probably at the start, not the end" of trade negotiations.
"Zak is a restricted free agent. With that, the club does have some options," Richardson told reporters.
"And our responsibility will be to ensure that we get the absolute best outcome for Port Adelaide and our future."
Port had pledged to match any bid for Butters, rather than accept pick five as free-agency compensation.
But Richardson was coy on whether the club wanted picks or players in a trade for Butters.
"We want to make sure we get the absolute best outcome for Port Adelaide and there's plenty of mechanisms by which we can do that ... and also, I guess the clubs that are courting Zak are going to need to be thinking about," he said.
Gold Coast have taken a similar stance on King, who has booted 788 goals in 143 games for the Suns.
The Hawks are believed to have tabled a six-year contract for the Melbourne-born 26-year-old.
"As a restricted free agent, Gold Coast retains the right to match any offer made to Ben by another club and will consider all options in its best interests," the Suns said in a statement.
"King has not advised Gold Coast of his desire to join a particular club."
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