Toulon stars Matt Giteau and Drew Mitchell have hailed the Australian Rugby Union's change in policy in allowing overseas-based players the chance to represent the Wallabies.

The governing body on Wednesday announced that players with a minimum of 60 Test caps who'd held a professional rugby contract in Australia for seven years or more are now immediately eligible for the Wallabies, regardless of where they are playing.

The major overhaul has been dubbed "Giteau's Law" in some quarters with the 92-Test star the obvious candidate for a potential Wallabies recall. And Giteau couldn't hide his excitement at the news, confirm his delight via Twitter shortly after Wednesday's announcement.

Massive news re. @QantasWallabies policy change..The ultimate honour to represent your country however form still must warrant selection

— Matt Giteau (@giteau_rugby) April 22, 2015

The other possible candidates in line for a Wallabies recall are Mitchell and veteran flanker George Smith. While Smith has all but confirmed his international retirement, Mitchell could potentially come into consideration among a talented collection of Australian-based outside backs. The 63-Test winger was thrilled to hear of the change in policy, trumpeting both its recognition of senior players and its likely investment in Australia's generation-next.

"At this stage, I guess it's just an indication to say that we're eligible but selection is a totally different story. So we'll just sort of see how it pans out," Mitchell told Fox Sports.

"I think it's a pretty, sort of, sensible standard with, I guess, rewarding some of the guys that have been around for a long period of time previously but also encouraging players to stay in Australia. Although it's going to affect the World Cup this year, I think it's a rule that's changed, or a policy that's changed, with the foresight of the future and retaining players in Australia as much as possible; especially the younger guys coming through and not letting them get away too early in their careers."

A team-mate of Giteau's at Toulon, Mitchell said his close friend loomed as the man most likely to receive a Wallabies recall and pointed to the playmaker's experience in big European contests as to why he should return to the Test fold.

"Yeah I've spoken to Matt, I think if we're being realistic about it I think Matt is probably the one that's going to benefit from it most," he said. "I think his form over the last few years has been absolutely vital for the success that Toulon has had. His experience that he's got having played alongside Jonny Wilkinson and other players of high calibre around him, and I guess the experience he's getting of playing in these big games in northern hemisphere rugby which is essentially what the (Wallabies) World Cup team will be coming up against in the pool with both England and Wales. So to have those regular big games against players from those nations will be a real sort of added advantage for someone like Matt Giteau if he was to be included in the squad.

@drew_mitchell @QantasWallabies @giteau_rugby don't count yourself out Mitchy D, you know you could do it and so do I.

— Jonny Wilkinson (@JonnyWilkinson) April 22, 2015

Toulon are in contention for both the French Top 14 title and European Rugby Champions Cup over the next few weeks; they'll face Clermont-Auvergne in the European decider while the French play-offs are fast approaching. Mitchell said showing solid form in both arenas, where Toulon are defending champions, was the best way he and Giteau could impress Wallabies selectors.

"The Form is the thing that is going to be rewarded and if Michael Cheika, his coaching staff and the selectors feel that any of us guys based over here (Europe) warrant selection just through form then I think anyone would obviously jump at the opportunity to wear the gold again; but I think that it's for them to determine," Mitchell said.

"If there's to be any contact made I think it would be from the ARU to a player as opposed to myself trying to pick up a phone and maybe sucking up to the coach a little bit."