The 30 year old requested a Code of Conduct hearing with Rugby Australia last week, days after his contract was terminated by the country's governing body for the sport.
The message continued: "The hearing will be heard by a three-member panel consisting of John West QC (Chair), Kate Eastman SC, and John Boultbee SC at the Rugby Australia Building in Sydney.
"Sunday 5th May has also been reserved in the event the hearing is required to extend to a second day."
Journalists are not being allowed to sit in on the meeting, standard Rugby Australia procedure dictates.
The Wallabies and New South Wales Waratahs fullback was accused earlier this month of issuing a homophobic comment after he listed homosexuals among a list of people for whom "hell awaits" unless they repent.
Folau had been "repeatedly" warned in the past about his activity on social media, Rugby Australia said when it announced his dismissal last Monday.
A statement issued at the time said: "It was made clear to him that any social media posts or commentary that is in any way disrespectful to people because of their sexuality will result in disciplinary action."
Separately, the England rugby player - and Christian - Billy Vunipola received a formal warning from his club, Saracens, after he defended Israel Folau's comments.
Stay up to date with the latest news stories from a Christian perspective. Sign up to our daily newsletter and receive more stories like this straight to your inbox every morning.