Jarryd Hayne's Rio Olympics dream is over, after the former NRL and NFL player received confirmation Fiji would not be selecting him in its rugby sevens squad for the upcoming Games.

Hayne left the San Francisco 49ers earlier in the year in hopes of playing at the Olympics with Fiji, but after a handful of unconvincing performances with the team failed to earn selection.

"Last Friday I had a meeting with [coach Ben Ryan] to discuss my future with the team and I was informed that my time has ended," Hayne said in a statement on his Facebook page.

"As much as I would have loved to go to Rio, I too knew I wasn't ready yet. During my time with the team, I pushed my body above and beyond.

"I used all my experience as a professional athlete and have tried everyday and in every way possible to make this team and make it better but unfortunately, time has been against me.

"This has been an amazing journey for me and a truly humbling experience. I have learnt so much and will never forget my time with this team."

Hayne's next move is still up in the air, with a touted switch to rugby union mooted as well as a return to Parramatta, where he made his name in the NRL.

NRL considering registering Hayne for rest of 2016

The NRL said it would consider registering Hayne for the rest of the season if he were to sign with the Eels.

There is scope within the rules for him to come back to the NRL this year because the June 30 transfer deadline only applies to registered players.

Hayne is returning home to Sydney and the ABC understands the NRL would only consider the Eels' case if the club agrees to move forward from the salary cap drama and undertake a series of governance reforms.

NRL chief executive Todd Greenberg said the code would like to welcome him back.

"We've always made it very clear we'd love to see Jarryd back. I actually sat with Jarryd in round one this year at Pirtek Stadium - I made a comment to him then that we'd love to see him back. That's only strengthened on today's news," Mr Greenberg said.

"If and when Jarryd's prepared to make the decision on the next stage of his career, if he wants to have a discussion with us about the NRL, we'd be more than happy to have that discussion.

"It's not so much about special effort - we're certainly not opening any of the special funds which have been mentioned before. That's not the priority. The priority is to offer him an opportunity to play in the National Rugby League.

"What I saw him do and achieve in America was way beyond most of our expectations - he's a gifted athlete and we'd love to see him back playing with us."

Hayne has also teased a potential stint in overseas rugby.

"I definitely like being able to travel, seeing the world," he said in June.

"And I realise now with my skill set, it enables me to do that. Gives me a lot of options.

"I like my red wine, so maybe the south of France. But I also like sushi, so it could be Japan."