The Wallabies suffered back-to-back defeats to New Zealand in their opening two matches of this year's tournament, with Folau missing the 40-12 thrashing in Auckland.
Folau was sidelined by an ankle injury picked up in the competition opener in Sydney, but he is back in contention for a place in Australia's starting XV.
Australia welcomes the Springboks to Brisbane on 8 September, before facing Argentina in Gold Coast seven days later.
Folau remains a doubt but his inclusion will be a welcome boost for Cheika after a dismal start to the campaign.
Taniela Tupou is also named in Australia's squad despite a hamstring problem, while there are recalls for forwards Rory Arnold, Brandon Paenga-Amosa and Caleb Timu.
Arnold has not featured for Australia in the past 12 months, the lock overlooked for the Ireland series after his three-week suspension for a high tackle on South Africa's Elton Jantjies during a Super Rugby clash between the Brumbies and the Lions in May.
Forwards: Allan Alaalatoa, Rory Arnold, Adam Coleman, Folau Fainga'a, Ned Hanigan, Michael Hooper, Sekope Kepu, Tolu Latu, Brandon Paenga-Amosa, David Pocock, Tatafu Polota-Nau, Tom Robertson, Izack Rodda, Pete Samu, Rob Simmons, Scott Sio, Caleb Timu, Lukhan Tui, Taniela Tupou.
Backs: Tom Banks, Kurtley Beale, Israel Folau, Bernard Foley, Will Genia, Dane Haylett-Petty, Reece Hodge, Marika Koroibete, Jack Maddocks, Nick Phipps, Joe Powell, Matt Toomua.