Solomon Islands Prime Minister Matthew Wale raised the idea with Anthony Albanese during a recent first trip to Canberra as his nation's new leader.
Pacific Island Affairs Minister Pat Conroy said Australia would ultimately be driven by the priorities of the region.
"If this is something the Pacific is interested in, then of course we'd be open to pursuing it," he told AAP.
"We've got a number of bilateral security agreements ... but ultimately, we turn up, we listen and act on the Pacific priorities."
Mr Conroy said the proposal, first reported by the ABC, would be consistent with an agreed leaders' statement at the 2022 Pacific Islands Forum that Pacific nations should fill gaps in regional security.
The US and Australia were alarmed when the Solomon Islands signed a security pact with Beijing in 2022, opening the door to a Chinese police presence in the country.
Mr Wale previously committed to releasing the treaty with China, but later backflipped on the pledge, citing a non-disclosure clause in the deal.
The Solomon Islands leader has flagged he would review the controversial agreement with China.
Mr Albanese is expected to travel to Honiara in the coming weeks to meet with Mr Wale - also the chair of the Pacific Islands Forum - to progress negotiations on a new treaty.
The prime minister will also visit Fiji, where a new agreement is expected to be signed.
The government is expected to make a breakthrough on the $500 million Nakamal security agreement with Vanuatu, which is close to being inked.
Prime Minister Jotham Napat pulled back from the deal in September after some ministers in the coalition government raised concerns it would undercut Vanuatu's sovereignty.
China has also pursued its own pact with Port Vila, called the Namele Agreement.
In 2024, Foreign Minister Penny Wong said Australia was in "a state of permanent contest in the Pacific".
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