Foley confirmed the news prior to the Wallabies' trip to South Africa for their opening Rugby Championship fixture, speaking with NSW Rugby Union about his decision.

"It's not been an easy decision and one that took a great deal of thought, but to be moving on from the Waratahs is certainly a bittersweet feeling," Foley said.

"It's been a privilege to represent this great state and my family and friends. I'd like to thank the coaches who have supported me and the teammates I've played with over the years.

"I've loved every minute of my time here, but I've got a new challenge in front of me and I'm looking forward to that as well."

Beginning his career in sevens, Foley was a silver medallist with the Australian Men's Team at the 2010 Commonwealth Games and was named the 2011 Australian Sevens Player of the Year.

The 29-year-old made his Super Rugby debut against the Blues in Auckland in 2011 and sits inside the top ten on the Waratahs' all-time appearance list and is the most-capped flyhalf in the organisation's history.

After impressing at Super Rugby level Foley earned his first of 67 Test caps against Argentina in 2013, and sits within an illustrious group of players to have scored more than 500 Test points.

Foley will forever remain in Tahs folklore after delivering the state's first Super Rugby Championship, courtesy of a heart-stopping injury time penalty to down the Crusaders at 33-32 at Allianz Stadium.

NSW Rugby Union's General Manager of Rugby, Tim Rapp thanked Foley for the contribution he has made to the Waratahs.

"Bernard has been an important part of the Waratahs for the best part of a decade," Rapp said.

"We're obviously disappointed to see him go but it's a competitive marketplace, particularly at the end of a World Cup cycle. Everyone at NSW Rugby wishes Bernard all the best at both the World Cup and in the next chapter in his career."

Australian Associated Press