Israel Folau is poised to announce he’s signed a new three-year deal with the Australian Rugby Union and NSW Waratahs.

The 26-year-old is expected to confirm on Wednesday he’s agreed to a flexible contract similar to that of Waratahs five-eighth Bernard Foley that with allow him to play in Japan outside of the Super Rugby season and Wallabies Test commitments.

The ARU will hold a press conference – likely to be on Wednesday afternoon – at its headquarters in Sydney.

Folau’s long-awaited recommittal will come as a big relief to the ARU and the Waratahs, and the new deal will likely mean he won’t, as speculated, play for Australia’s Sevens team at the 2016 Rio Olympics.

The former NRL star and AFL player was also linked with a move back to rugby league, with reports the Sydney Roosters were set to make a play for the former Origin and Kangaroos representative after they lost Kiwi international Roger Tuivasa-Sheck to the Warriors in April.

Folau has played 44 games for the Waratahs and 29 Tests for the Wallabies since he was signed from AFL club Greater Western Sydney in 2013.