Systems consolidation-a process for long-term memory stabilization-has been hypothesized to occur in two stages1-4. Whereas new memories require the hippocampus5-9, they become integrated into cortical networks over time10-12, making them independent of the hippocampus. How hippocampal-cortical dialogue precisely evolves during this and how cortical representations change in concert is unknown. Here, we use a skill learning task13,14 to monitor the dynamics of cross-area coupling during non-rapid eye movement sleep along with changes in primary motor cortex (M1) representational stability. Our results indicate that precise cross-area coupling between hippocampus, prefrontal cortex and M1 can demarcate two distinct stages of processing. We specifically find that each animal demonstrates a sharp increase in prefrontal cortex and M1 sleep slow oscillation coupling with stabilization of performance. This sharp increase then predicts a drop in hippocampal sharp-wave ripple (SWR)-M1 slow oscillation coupling-suggesting feedback to inform hippocampal disengagement and transition to a second stage. Notably, the first stage shows significant increases in hippocampal SWR-M1 slow oscillation coupling in the post-training sleep and is closely associated with rapid learning and variability of the M1 low-dimensional manifold. Strikingly, even after consolidation, inducing new manifold exploration by changing task parameters re-engages hippocampal-M1 coupling. We thus find evidence for dynamic hippocampal-cortical dialogue associated with manifold exploration during learning and adaptation.