News Limited reported today that the 25-year-old will turn his back on the Waratahs and hence his test career to take up a two-year deal with an unnamed Japanese club.
Foley is, however, said to be in talks with the Australian Rugby Union about representing Australia in Sevens at the 2016 Rio Olympics in between seasons in Japan.
The World Cup in England and Wales finishes at the end of October after which Foley would head to the rich Japanese Top League.
That competition runs from August to March; the Rio Games will take place from August 5-21 next year which would allow Foley to play in some of the lead-up Sevens tournaments.
Over the past few months, Foley's Wallabies teammates Adam Ashley-Cooper (Bordeaux) and James Horwill (Harlequins) signed contracts to continue their careers overseas after the World Cup.
Will Genia, Quade Cooper, Kurtley Beale and Israel Folau are amongst test stars said to be eyeing off the big money on offer in Europe and Japan.
