Fly-half Bernard Foley and halfback Nick Phipps will once again make Sydney's Allianz Stadium their home in 2027.
AAP understands the pair are on the verge of signing one-year contracts with the Waratahs.
Foley is the club's highest ever point-scorer (1089) and ranks ninth in the number of appearances in the blue jersey (120).
His time there included a legacy-defining performance in the 2014 Super Rugby final, where the No.10 threaded a 45-metre penalty - his seventh of the game - through the posts in the 79th minute to seal a one-point victory over the Crusaders.
It is the club's only Super Rugby premiership.
The move would put Foley, who played the last of his 76 Tests in 2022, back in the frame for a World Cup swan song on home soil next year.
It's understood the 36-year-old's return has been in the works since May and is close to being finalised.
Phipps, 37, is poised to join Foley as injury cover for fellow veteran Jake Gordon, who tore his Achilles this year.
The halfback has accrued 72 Test caps, the most recent in 2019.
Foley made 88 appearances for the Japan-based Kubota Spears, leading the club to their maiden League One premiership in 2023.
He returns to Australia fresh from helping the Spears progress to their second consecutive League One final, where they were bested by the Kobe Steelers.
Phipps left the Waratahs for London Irish and, after four seasons in England, made his way to Japan for a five-season stint with second-division outfit NEC Green Rockets. Â
Their signings come at a time of upheaval for the Waratahs, weeks after coach Dan McKellar resigned with one year left on his contract, and the club haemorrhaging nine players after a disappointing 2026 Super Rugby campaign.
Among the departed are Jack Debreczeni, Jack Bowen and Lawson Creighton, all of whom have worn the No.10 jersey favoured by Foley.
The club has also bid farewell to No.9 Michael McDonald, with Phipps a potential mentor for emerging halves Teddy Wilson and Angus Grover.
Since their premiership more than a decade ago, the Waratahs have mostly languished mid-table, with only three finals appearances, finishing eighth (5-9) in 2026 and last out of Australia's four Super Rugby teams.
