“Jordy’s on a pathway to some other opportunities at this stage, but we’ve got a good handle on things,” Queensland Reds coach Les Kiss said of Petaia’s future beyond the end of his contract in November.
“He’s here and we’ve got communication with him.”
Petaia, who has has not played since injuring his shoulder in April, started the Wallabies’ first three matches at last year’s Rugby World Cup and has 27 Test caps.
A prodigiously talented schoolboy, he made his international debut at 19 years old as part of Australia’s Japan 2019 campaign.
Fellow Australian Jordan Mailata, who switched from age-grade rugby league to become a key part of the Philadelphia Eagles offensive line, is the most successful product of the NFL’s IPP scheme.
Jarryd Hayne followed a similar path, albeit before the IPP scheme was introduced, making eight appearances for the San Francisco 49ers in the 2015 season after representing Australia in rugby league.
BBC Sport has contacted the NFL for comment.