Appointed as Simon Goodwin's replacement, King currently has his hands full as a Geelong assistant coach as they prepare to play Hawthorn in a preliminary final on Friday night.
But King said he'd done plenty of research on the Melbourne list before applying for the job and wanted Petracca and fellow star midfielder Clayton Oliver to remain with the club.
Twelve months ago Petracca's plea to leave the Demons was denied while Oliver was almost traded to Geelong.
King said he'd reached out to Petracca but intended meeting in person with the 29-year-old, who is contracted until the end of 2029, as well as the other Demons players as soon as he could.
"They're both superstars of the competition for what they've done so to get the opportunity to work with those guys and get them back to playing their best footy would be something that I'd pride myself on as a coach," said King, who beat the likes of ex-Collingwood coach Nathan Buckley to the position.
"I want to try and keep those experienced players here for as long as possible because premiership players don't grow on trees and to have them on your side while you're bringing in the youth of tomorrow and today, that's going to be a really important part of the way I want our team to play."
He believed that the Demons, who last won the flag in 2021, could contend as soon as next season.
"I feel like every club should be aiming to play finals and we're no different.
"To lose six games by under 10 points, if bits and pieces go your way, things can change really quickly so yeah, we'll be chasing to be a contender in September again."
King captained Geelong and played in the 2007 premiership before a 15-year coaching career that has seen him take on assistant roles at St Kilda, the Western Bulldogs, Gold Coast and most recently the Cats.
The father of four said he wanted to empower the Demons players and give them "freedom" in attack.
"I just want them to probably play with a bit more freedom with ball in hand. I think we need to challenge teams in attack a little bit more," he said.
"I feel really privileged that I walk into a club that has a terrific foundation with the way they compete at the contest, their stoppage structure and the way they defend.
"I just want to probably give players a bit more ownership to play with freedom, take what the game gives them and really get after it."
King said he had the blessing of his two employers to see out Geelong's premiership push and would be back on duty at the Cats on Tuesday.
"It really means a lot to me. I personally wouldn't have felt right for me just to abort that now and jump straight in," he said.
"I'm glad the two clubs that respect each other could make that decision."
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