The former rugby league star is out of contract at the end of the 2018 campaign, but he claims he is in no rush to decide his future.
Folau could return to rugby league for the start of the 2019 NRL campaign, but the Wallabies hierarchy are hoping he features as they try to win their third World Cup.
The 28-year-old has played a huge role for the Aussies on the wing and at full-back but he admits nobody will rush him into making a decision.
He told reporters: "Look, (the World Cup) is something I enjoyed last time around. But, in saying that, there's plenty of options on the line and, when that time comes, I'll make a decision when I'm ready.
"There's no rush. I want to make sure everything is set in position and I feel comfortable and I'll come out and make that announcement."