Bancroft (23) was not picked for next season's Highlanders and says his future his unclear.
He made the Highlanders for the past two seasons and had an impressive 2008, scoring five tries in six games.
But he did not make the cut for the 2009 side, losing out to midfielders Jayden Hayward, Johnny Leota, Jason Shoemark, Brett Mather and Kenny Lynn.
Bancroft, who hails from Marlborough, said it was disappointing to miss out on next year's Highlanders and he was weighing up his options for next year.
He did not know where his future lay, and he had nothing firm lined up at the moment.
His contract with the New Zealand Rugby Union ran until the end of 2009 but his contract with Otago had ended.
He had a get-out clause in his contract if he wished to go overseas, which he said was an option.
He was a candidate for the Highlanders wider training squad, which was due to be announced within the next couple of weeks.
Bancroft said missing out on the Highlanders was tough but probably a reflection of Otago's form.
"If the team doesn't go that well then chances are they are going to look at other players."
Otago finished 10th in the Air New Zealand Cup, failing to make the quarterfinals.
Bancroft felt his form had fluctuated throughout a season that was shortened after he broke a finger against Taranaki, with two games left in the season.
He was identified by Otago coach Steve Martin as the leader of the backline.
Moore said Bancroft was unlucky to miss out on the Highlanders.
