Announcing a new two-year deal with the Australian Rugby Union and NSW Waratahs on Thursday, Folau said the prospect of playing at the World Cup in England was a factor in his decision.
But he said enjoyment he was getting from his debut season in rugby union was the main reason for staying, in the face of bids to lure him back to rugby league where he made his name.
Dual international Folau said it was not his place to comment on criticism the NRL has received for not doing enough to regain his services.
Quizzed over whether rugby league could have done more to get him back and whether the NRL offers were not enticing enough, 24-year-old Folau said: "It's not so much the offers or anything like that.
"I still obviously watch the game (league) and support the game. It's just at the end of the day, I really enjoy what I'm doing at the moment with rugby and what it presents.
"Also looking down the track as well, there's a lot of exciting things coming up for rugby and I want to be a part of that."
While he scored three tries in his five Tests to date against the British and Irish Lions and world champion All Blacks, Folau has had relatively few opportunities with the ball on the wing after being crowned Australia's Super Rugby Rookie of the Year for his performances at fullback for NSW.
Fellow Test rookie Jesse Mogg had two difficult games at fullback against New Zealand, sparking calls for Folau to be switched back to that position to increase his involvement.
"If I get the opportunity to, I'd take it with both hands, that's for sure," Folau said.
"But that's something that has got to be decided by the coaching staff.
"I'm really happy just being on the team first of all and doing my role playing on the wing, but that's entirely up to the coaching staff."
Folau welcomed the Waratahs' recent signing of his friend Kurtley Beale - a potential rival for the NSW fullback spot - who has battled with alcohol-related problems this year.
"He's had a tough time, I'm really good mates with him and I'm there for his support if he needs anything," Folau said.
"It's great to play with him next year, so I'll do everything I can to try and help him whether that's on the field or off the field or whatever he needs."
Asked if that support extended to giving Beale his No.15 jersey, Folau said with a chuckle: "Mate, he can have it if he wants to."