Israel Folau says he is weighing up his options after having his multi-million-dollar Rugby Australia contract terminated for his divisive social media posts.

The Wallabies superstar maintains he has a "right to freedom of religion and the right to freedom of expression" and is "deeply saddened" by Friday's decision.

Folau has 72 hours to appeal.

"It has been a privilege and an honour to represent Australia and my home state of NSW, playing the game I love," Folau said in a statement.

"I am deeply saddened by today's decision to terminate my employment and I am considering my options."

Folau believes he should be allowed to play on after taking to Instagram last month to proclaim "hell awaits drunks, homosexuals, adulterers, liars, fornicators, thieves, atheists and idolaters".

"As Australians, we are born with certain rights, including the right to freedom of religion and the right to freedom of expression," he said on Friday.

"The Christian faith has always been a part of my life an I believe it is my duty as a Christian to share God's word.

"Upholding my religious beliefs should not prevent my ability to work or play for my club and country.

"I would like to thank my wife Maria for her love and encouragement to true to our beliefs.

"We have been humbled by the support we have received from family, friends, players, fans and the wider community.

"Thank you also to those who have spoken out in my defence, some of whom do not share my beliefs but have defended my right to express them."