In a shock move, Hayne and the San Francisco 49ers announced on Sunday his retirement from the NFL.
Hayne says an offer from the Fiji rugby sevens team to play with them at this year's Olympic Games in Rio de Janeiro was too good to pass.
Although he did not mention a return to the NRL, that now seems a realistic option for the 28-year-old.
"I am retiring from the NFL because the Fiji rugby sevens team reached out to me about the opportunity to join the team for the upcoming Olympics, and I simply could not pass that chance up," Hayne said in a statement.
"The Olympics has been something I have admired since I was a little boy, and it is an opportunity I feel very similar to me joining the NFL."
Hayne has often talked about his deep connection to Fiji and his life-changing experience with the Fiji team at the 2008 Rugby League World Cup.
While born and raised in Sydney, Hayne's father, former South Sydney Rabbitohs back line star Manoa Thompson, was born in Fiji.
Hayne became a devout Christian through his experience with Fiji in 2008, a period he said "changed my life".
Hayne's departure from the NFL came as almost as big of a shock as his announcement at the end of 2014 he was quitting the Parramatta Eels for American football.
Big spending NRL teams, including the Sydney Roosters, are expected to attempt to try to entice him back to rugby league.
Hayne has spent the last six weeks training under new 49ers head coach Chip Kelly and was considered a good chance to fit into a new high-speed offence as a running back and punt and kick returner on special teams.
Just weeks ago at a 49ers press conference he laughed off rumours he might go back to the NRL, but his Olympic dream was never raised.
"Jarryd is a tremendous example of what can happen when you commit to a goal and do everything in your power to make it a reality," 49ers general manager Trent Baalke said.
"He earned the right to wear a 49ers uniform and compete alongside the best in the game.
"We fully support Jarryd's decision to pursue another dream - representing the Fiji rugby sevens team in this summer's Olympic Games."
Hayne said "the support and understanding from the 49ers organisation was unbelievable when I let them know about my decision to pursue another dream".
"The past 12 months with the San Francisco 49ers have been absolutely incredible," Hayne said.
"I could not have predicted how far I have come as an NFL player. To not only be able to play in a game but also say that I started a game in the NFL is something that I will remember for a lifetime."
Hayne originally signed with the 49ers as an undrafted free agent on March 3, 2015 and appeared in eight games last season.
He had 17 carries for 52 yards along with six receptions for 27 yards. He also returned eight punts for 76 yards on special teams, but midway through the season was waived and then signed to the practice squad.
