Record try-scorer Penaud faces French axe for Six Nations
Penaud, who has 40 tries for France after breaking Serge Blanco's previous record of 38 in November, will be ommitted from the 42-man set-up which will be announced on Wednesday for the tournament opener against Ireland on February 5.
The 29-year-old has scored eight tries for club and country this season and could have had two more, twice choosing to pass to a team-mate instead of touching down in the Champions Cup win over Northampton earlier this month.
Penaud forms a lethal wing partnership with fellow Bordeaux-Begles flier Louis Bielle-Biarrey who has dotted down 18 times this term.
Newspaper L'Equipe reported that experienced centre Gael Fickou, 31, will also be missing from the squad.
Fickou, who captained the side against South Africa in November, is just two Tests away from becoming the third Frenchman to win 100 caps, following former lock Fabien Pelous (118) and ex-centre Philippe Sella (111).
France are looking to secure back-to-back Six Nations titles for the first time since 2007.