The Queensland Reds back, still just 19 and off contract after next Super Rugby Pacific season, had been courted heavily by the NRL's Sydney Roosters and newcomers PNG.
But, while the Chiefs were trumpeting the signing of code-hopper Zac Lomax over the weekend, it's understood Pritchard was knocking back NRL offers and agreeing to a long-term deal with Rugby Australia.
His retention, reportedly until at least 2031, is a massive win for Australian rugby ahead of next year's home World Cup.
Pritchard faces months on the sideline with a broken ankle suffered at the recent U20s world championships, but could still come into the Wallabies frame as a development player on the end-of-year tour of Europe.
The injury was suffered in an ugly hip-drop tackle that the Reds have since campaigned hard to have banned in re-worded World Rugby laws.
Rugby Australia boss Phil Waugh considers Pritchard capable of featuring at the Los Angeles Olympics in rugby sevens.
"These are all opportunities rugby can offer that other sports can't," Waugh told AAP last week.
"He's a generational talent, we're very keen to secure him in our game for as long as possible."
The coup follows the Reds' signing of promising 16-year-old lock Kaiya Tafea, who stands at 204cm and weighs 125kg, on a three-year development deal last week.
Meanwhile two-time rugby sevens Olympian Nathan Lawson will return to the code after a two-year, four-game NRL stint with St George-Illawarra.
Lawson, a key member of the side that finished fourth in Paris, was Australia's reigning player of the year when he announced his shift to NRL.
He will play in the new European Ultimate Sevens in September, before rejoining the national set-up ahead of the next world series that doubles as an Olympic qualifier.
"Nathan is a proven performer on the international stage and his experience will be vital for our squad as we move closer to the LA Games in 2028," Rugby Australia high performance boss Peter Horne said.
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