Jack Maddocks looks set to be first in line to take over from Kurtley Beale as Waratahs fullback after the 92-test Wallaby was released from his contract this week.
Beale, who signed with French side Racing 92 earlier this year, has been granted an early release from his contract and won't be par
His departure leaves the team with a gap at no. 15 and a void in the leadership stakes, waving goodbye to their vice-captain.
Maddocks joined the Waratahs ahead of this season from the Rebels and that move was in part because of a desire to play more fullback.
He has mainly been deployed on the wing this season but Penney said he was the leading contender to take the 15 jersey next weekend.
"Jack would be to the forefront of your thinking," he said.
"Marky Mark's (Nawaqanitawase) had some time there and making good progress and James Ramm also has had some experience there.
"Ben Donaldson and Will Harrison have both contributed there so we've got some options, got plenty of cover there."
Penney admitted vice-captain Beale's departure would be harder to cover off the field but backed his group to step up.
"It's a big hole, we don't deny that," he said.
"He's been a massive influence on, not only us, but Australian rugby for a long time and such an influential figure.
"He's world class and he's proved that on the biggest stages - World Cups, Super games at the highest level and Test rugby.
"There'd be no doubt he leaves a big void but it's like anything.
"When a void's created, something fills it, we've just got to make sure it's a really positive outcome for us and the growth of some of the potential leaders of the future will get an opportunity and get exposed."
Penney said he had a clear idea of his best team for the first round of Super Rugby AU, with just over a week until their clash with the Reds in Brisbane.
'"I guess it's sort of 80-90 per cent there," he said.
"There's two or three positions probably that we're still considering but it's getting to the pointy end, we've been planning with a group in mind."
Aussie Sevens skipper Nick Malouf looms as a handy experienced option for the Waratahs after joining the team in the short-term along with teammate Angus Bell.
Malouf has solid experience in XVs, having starred for English side Leicester during a stint in the Premiership and Penney said the pair had been handy additions to the team.
"They've come into our environment, in what is a double benefit," he said.
"For us, they add a bit of value and a bit of depth and also because the Sevens aren't in any formal training, it provides them an opportunity to be part of a team again.
"They've been great to have around, it's been good to have them here for the last sort of 10 days and they're providing what you'd expect from young professional men, it's been good.
"They're certainly available as the season progresses.
"There's an opportunity if they can keep doing what they're doing at training and keep impressing and an opportunity opens up,there's no reason why they won't be considered."
The Waratahs take on the Reds in the Super Rugby AU opener on Friday July 3, kicking off at 7:05pm AEST, LIVE on Foxtel, Foxtel Now and Kayo Sports. Buy a Kayo Sports subscription here.
