Australia are reviewing "Giteau's Law", which governs which foreign-based players are allowed to play for the Wallabies, after a poor World Cup.
Under current rules, the only foreign-based players Australia can pick are those with 60 or more caps.
Players such as centre Samu Kerevi (33 caps) and lock Adam Coleman (38 caps) are no longer eligible having joined clubs abroad after the tournament.
Australia were knocked out of the World Cup by England in the last eight.
Boss Michael Cheika subsequently resigned, with new coach Dave Rennie appointed on Wednesday.
Rugby Australia is weighing the need to ensure players remain available for the Wallabies, with a desire to keep its domestic Super Rugby sides as strong as possible by slowing the flow of talent abroad.
"Every rugby fan wants to see Super Rugby teams be successful, they want their heroes playing in their Super Rugby team," said Rugby Australia chief executive Raelene Castle.
"So it's a bigger conversation than just Wallabies success, it's about making sure we've got the right players playing within our Super Rugby franchises as well."
Australia previously refused to select players earning their living abroad, but introduced the 60-cap rule in order to pick France-based Matt Giteau and Drew Mitchell for the 2015 World Cup, in which the Wallabies reached the final.
World champions South Africa achieved immediate success when they removed their Test selection restrictions earlier this year, going on to win their third World Cup by beating England in the 2019 final in Japan.