Media in Australia reported that the Tokyo-based franchise are to be cut from the competition after the 2020 season.
The Sunwolves only joined Super Rugby in 2016 and have struggled to compete since being included.
It is claimed the tournament will be reduced to 14 teams, but SANZAAR will give no details over the future of the competition until later in the week.
A statement released by Super Rugby organisers on Wednesday said: “SANZAAR will issue an official statement on the future of the Super Rugby tournament on Friday 22 March [at] 14:00 Sydney local time.
“SANZAAR and its stakeholders will not be making any comment on Super Rugby until the statement has been released.”
A spokesperson for the Sunwolves told The Australian that they had been asked to pay a Super Rugby participation fee, something which is not asked of other franchises.
The timing is not ideal with the Rugby World Cup set to take place in Japan in less than 8 months.
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