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Thinking of going to a client

I'm in advisory and currently staffed on this client (not an audit client). I've been looking for an exit and interviewing with other firms. At the same time, some changes have happened at the client and now they're looking to fill a position which matches my skillset. The project sponsor also likes the work I've been doing.

What are the ettiquettes surrounding this? Should I just call up the guy and let him know I'm interested?