Super League clubs today voted against allowing the Wolfpack returning to the competition for 2021, by eight votes to four with one abstention.
35-year-old Williams, who played five games for the Wolfpack, still has a year on his contract.
Williams was released from the Wolfpack for the rest of the season to play in the NRL for the Roosters. The Sydney club were eliminated in the semifinal by the Canberra Raiders.
"I'm not too sure at this stage, I've got to talk to the wife," Williams told Australian broadcaster Nine about his playing future.
"These old joints are a little bit tough to get out of the starting blocks each week.
"We will see what happens with Toronto and if that falls through, then who knows, I might be standing here next year holding that microphone."