The 14-Test batter was left off Brisbane Heat's contracted players list ahead of the BBL's player movement window.
The Heat would like to retain Renshaw, but could only re-sign a maximum of 10 players before the contract embargo started.
Other franchises are now likely to come hard for the 28-year-old, who could still return to international cricket, before the March cut-off.
Renshaw hit 280 runs at 35 across nine games during the Heat's disappointing title defence that led to them missing finals.
Matt Renshaw in action for Brisbane Heat in the BBL. (Richard Wainwright/AAP PHOTOS)
"I feel like I'm seeing the ball and hitting the ball as well as I probably could be at the moment," Renshaw told AAP after the Heat's tournament-ending defeat to the Melbourne Renegades last Saturday.
"I feel like my game is in really good order."
Six of Renshaw's eight seasons in the BBL have been at the Heat, broken up by a two-year stint with the Adelaide Strikers.
He last played Test cricket in February 2023, when he came in as a concussion sub for David Warner during a chaotic loss in Delhi.
After a shaky start to the domestic season, Renshaw found form in the Sheffield Shield before the BBL break, highlighted by a gritty century against Tasmania to help Queensland salvage a draw.
If Renshaw can start piling on consistent runs, he will surely be a candidate to open for Australian when veteran Usman Khawaja calls time on his Test career.
"I got a few runs before the Christmas break, so feeling really good with red ball as well," he said.
"Hopefully I can take some momentum from the Big Bash to the end of the (Sheffield) Shield season."
Matt Renshaw is looking for a strong finish to the season when the Sheffield Shield resumes. (Richard Wainwright/AAP PHOTOS)
The Bulls sit fifth on the Shield ladder, but Renshaw was confident Queensland could make a run at qualifying for the final once the red-ball season resumes in February.
"It'll be a big back half (of the Shield) for us," Renshaw said.
"Hopefully we can get on a roll.
"We've seen teams make it with four wins in this little period now, so hopefully we can get the four wins and make a shield final."
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