The Australian penned a three-year deal with the GWS Giants just a week after securing a second-straight national title as the spearhead of the Queensland team's attack.

With Folau's rugby-playing husband Israel believed to be considering an offer to join the Queensland Reds from the Waratahs and with some of her family based in Brisbane, the Lightning looked a perfect fit.

Lightning coach Noeline Taurua has also recently being confirmed as New Zealand Test coach.

But Sunshine Coast say they aren't looking to bring Folau to the club and will announce a replacement for Bassett later this week.

"We can confirm we have not engaged in any contracting discussions with Maria Folau and she is not signed to Sunshine Coast Lightning for the 2019 Suncorp Super Netball season," the club said in a statement.

"We're very excited to be announcing the remainder of our 10-strong squad in the coming days, including a new goal shooter."

The Lightning now face the biggest rebuilding task of their brief history, with Bassett's defection compounded by the loss of Geva Mentor at the other end.

The English goal keeper, another pillar of the dual premiership-winning side, has quit the club citing family reasons and is contemplating returning to Melbourne to play with Collingwood or playing in the UK in the lead-up to next year's World Cup.

Bassett, 30, said she was looking for new opportunities on and off the court as she neared the end of her journalism degree.

She also looked forward to playing under coach Julie Fitzgerald, who believed Bassett could help take them to the next level after they bowed out of the finals in straight sets.

"She is an incredibly gifted shooter and obviously brings with her a wealth of talent and experience, which we know will elevate the team in the coming season," Fitzgerald said.

Australian Associated Press