Jarryd Hayne has failed in his audacious late bid to make Fiji's Rugby Sevens squad for the Rio Olympics.

Hayne revealed on Monday he'd been told by coach Ben Wright he wouldn't make the Games squad and he will now return to Sydney this week to consider his sporting future.

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

The former NRL superstar had only shifted to rugby sevens in a bid to play at next month's Rio Games after quitting the NFL's San Francisco 49ers in May.

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He linked with the Fiji squad and made his debut in the final sevens World Series round in London, playing only limited minutes as they clinched the world title, before attempting to further his claims at their pre-Games training camp.

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

Hayne's non-selection will heighten speculation about the two-time Dally M medallist's possible return to the NRL.

Kieran Foran's reported request to exit Parramatta would open up the salary cap space required at Hayne's former club and coach Brad Arthur has already stated his interest.

"We've said all along if Jarryd wanted to come back to our club we'd only be too happy to take him," Arthur told Triple M on Saturday.

"I don't know what Jarryd's plans are with where he wants to take the rest of his career, but I'm sure that if he wants to play rugby league he'll give us an opportunity."

The 28-year-old has also been linked to a move to 15-a-side rugby union, in either Europe or Australia, and Super Rugby's NSW Waratahs indicated they would be interested in signing him.

Here is how Hayne broke the news on his Facebook page:
Last Friday I had a meeting with Ben (Ryan, Fiji Sevens coach) to discuss my future with the team and I was informed that my time has ended. 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.

I've loved every minute of training with the Fiji Rugby 7s. Not only are they back to back world champions but they are a bunch of guys who have welcomed me into the team as one of their own family.

It was hard to comprehend and understand at first why I came here. Why God put me here, but deep down I knew there was a reason and a purpose. God takes you places not so you can achieve what you set out for, but to play a part and help something greater than yourself.

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.

I want to thank Ben and the entire coaching staff, the players and especially the fans. The support of the Fijian fans and fans around the world over the past few months has been incredible. I am mesmerised at the love and passion people have for the 7s.

For now, I'll be in camp with the team until mid-week before heading back home to Sydney for some time out and will determine my next steps from there. I'll enjoy watching from afar and wish the team all the best of luck on their road to Rio.

Going to miss our prayers twice a day, endless laughs and ma man Sharkie! Nothing but love for the taganes.

More to come.