Folau's new contract, signed in October, reportedly included a social media clause that would allow rugby bosses to sack him if he was found to have posted any further offensive material on social media following his initial attack on homosexuals a year ago, where he publicly stood against same sex marriage.
Folau was given an official warning by Rugby Australia a year ago after similar sentiments were posted on social media.
Wallaby and Waratahs star Drew Mitchell says Rugby Australia has been left with no choice other than to sack Israel Folau.
Footage of sacked rugby star Israel Folau delivering a radical Christian sermon in which he denounces people who celebrate Christmas and Easter.
That is until Friday afternoon when Folau was spotted entering Rugby Australia's headquarters in Sydney.
Asked by an Australian reporter if he regretted what he said in his posts and how he was feeling now that his career was "all but over", Folau remained silent and hastily got into a waiting auto, before being driven away.
Rugby Australia and New South Wales Rugby Union held a private meeting with the full-back in Sydney on Friday, having previously been unable to contact him and said afterwards their position on the 30-year-old's future was unchanged.
A statement from Saracens said: "Saracens proudly embraces diversity and warmly welcomes everyone to the Club regardless of race, gender, religion and sexual orientation. We will be meeting with Billy to discuss his social media posts", an RFU spokeswoman said.
The controversy erupted after he posted a warning on social media saying that "Hell waits" drunks, homosexuals, adulterers, liars, fornicators, thieves, atheists and idolators unless they repent.
"I don't HATE anyone neither do I think I'm ideal", Vunipola added.
"If we don't go back to the scriptures and see what God says, we can easily fall into the tradition of man, thinking we're doing the right thing".
His chances of switching back to rugby league in Australia were also dashed late on Thursday with the governing body the Australian Rugby League Commission (ARLC) ruling out any return to the sport.
Billy Vunipola faces the threat of disciplinary action after he defended an Instagram post by Australia's Israel Folau.
In an interview with the Good Weekend, Folau says he believes God allowed his ankle to be broken during an NRL game in 2009 to "teach me a lesson" in humility.
Despite a number of NRL clubs potentially able to bring Folau back to the league, Beattie told The Daily Telegraph on Thursday he won't be brought back into the NRL.
"Following today's meeting the two organisations will update their respective boards on the matter to consider next steps".
Folau has played 73 tests and helped Australia to the final of the 2015 World Cup in England, where they were beaten by New Zealand.