The Australian Rugby Union is no closer to finding a home for its fourth Super 12 team despite a promising feasibility study released.

The ARU was told a new team would be financially viable but admitted it must address the player drain to cashed-up European clubs.

The report, released by ARU high performance manager Jeff Miller, did not recommend a location for the team to play alongside the Queensland Reds, ACT Brumbies and New South Wales Waratahs.

The ARU will seek final approval for the fourth team at a meeting of SANZAR - rugby`s southern hemisphere administration body - in Auckland on August 20.

If the approval is given, the ARU will release a tender document to select a location.

"The ARU Board is satisfied that we can proceed to the next step," ARU managing director John O`Neill said.

"Certainly we need to act because there is a great opportunity here for Australian rugby."

The ARU board joined New Zealand and South Africa in supporting the latest SANZAR proposals, including the expansion of the Super 12 to 14 teams in 2003.

The ARU will also tell the August 20 meeting it supports the introduction of a single international window for inbound and outbound tours and Tests.

But the ARU has to address the loss of players, with NSW backrower Stu Pinkerton the latest player expected to take a lucrative European club deal.

With former Wallaby flanker Jim Williams off to Ireland and Queensland losing fringe backs Shane Drahm and Nathan Spooner, the ARU is losing capable provincial players.

"The expansion of the player base (through a fourth Super 12 team) is an enormous plus for the Wallabies," O`Neill said.

"But we also need to address the player drain from clubs to more lucrative opportunities overseas.

"There are too many quality players heading off shore because the present three Super 12 provinces can only contract so many players."

New Wallaby coach Eddie Jones said the establishment of a new team would also help Australian rugby hold on to those players considering an overseas offer. (AAP)