Paddy Jackson and Stuart Olding may move abroad to continue their respective rugby careers despite the fact that they are both under contract at Ulster until 2019.
Mr Jackson and Mr Olding were acquitted of rape charges on Wednesday.
Ulster Rugby will begin a review process now that the court case is concluded, discussions that will involve the IRFU, as the sport's governing body in Ireland.
The IRFU said in a statement it “noted the verdict”.
“We wish to acknowledge that this has undoubtedly been a difficult and extremely traumatic time for all involved.
“To respect the judicial proceedings the IRFU and Ulster Rugby postponed any internal review of the matter with the players, until the proceedings concluded.
"IRFU and Ulster Rugby officials will review the matter, in line with existing procedures for all contracted players. A Review Committee, made up of senior representatives of the IRFU and Ulster Rugby, has been appointed and will conclude its review as soon as practicable. The players will continue to be relieved of all duties while the Review Committee is in process and determining its findings."
However, despite the fact that the two players were found not guilty, there may be an issue for a number of sponsors, who would prefer not to be linked to the Ulster Rugby brand should Jackson and Olding continue to play for the province.
Jackson signed a new two-year Ulster contract in March 2017 that secured his playing future up to and including the 2019 Rugby World Cup in Japan.
The 26-year-old Jackson who won the last of his 25 Irish caps during the summer tour to America and Japan has been linked with moves to the French Top 14 and Aviva Premiership and in such an eventuality he would almost certainly relinquish his Ireland career.
Olding (25) has made four appearances for Ireland, the last of which was against the Springboks during the 2016 summer tour to South Africa. He signed a three year contract with Ulster in 2016 that would keep him at the province until 2019 but there is a suggestion that he may now head for France or Australia.
The IRFU and Ulster Rugby agreed a joint statement when both players were formally charged. It read: “The IRFU and Ulster Rugby are aware that Paddy Jackson and Stuart Olding have been charged by the PSNI in relation to serious allegations made against them.
“The players have co-operated fully and strenuously deny the charges. The IRFU and Ulster Rugby take these allegations extremely seriously.
“To allow the players time to address this matter fully Ulster Rugby and the IRFU have agreed that they be relieved of their duties and obligations until the conclusion of this process. Appropriate support structures will be put in place with them during this time. As this is a matter for the Public Prosecution Service it would be inappropriate to comment further.”