The 24-year-old has only played 11 competitive fixtures in the sport having switched from Australian Rules Football during the pre-season but he has made a big enough impression to be in with a shot of lining up against Warren Gatland's troops in Brisbane on June 22.
"It's all a bit surreal," Folau, who represented Australia at Rugby League before announcing his switch to Aussie Rules in 2010, told AAP.
"When I got that call I just froze. I'm on a high still.
"It wasn't something I expected, especially after playing a handful of games.
"It's very exciting for me and my family and I'm just stoked to be a part of it."
Folau's next goal is to ensure he is in the starting line up for the Suncorp Stadium opener on June 22 as the hosts look to avenge their first-Test defeat against The Lions in the same city 12 years ago.
The full back slot appears to be his for the taking given the other names in Deans' initial squad.
Deans has plenty of options but only Folau is a regular starter in the No15 shirt for his franchise, with his two main contenders playing inside him rather than instead of him at the Waratahs.
Adam Ashley-Cooper and Berrick Barnes can play full back but the former prefers to be used in midfield and the latter is more comfortable at fly-half or inside centre. James O'Connor has played plenty of rugby at 15 but is the current favourite to be handed the playmaking role at No10, while Kurtley Beale - who was seen as the world's best full back in 2010 and 2011 - isn't included as he battles alcohol problems.
Folau was in fine form as the Tahs tamed the Brumbies in Sydney on Saturday and more of the same against the Rebels this weekend and then the Crusaders on May 31 would put in pole position for a remarkable Test debut.
"I'm not guaranteed a starting position so I just have to try and play consistent rugby until we get into camp," added Folau.
"I'm always confident in myself but I still have a lot to work on to try and get into the starting line-up.
"Being a part of this big campaign is certainly very exciting."
Folau's life before the Lions…
Folau has played 11 Super XV games for the Waratahs, scoring seven tries.
He has primarily been picked at full back but has also been employed on the wing and mooted for a spot in the centre.
Folau made his National Rugby League debut at the age of just 17 and broke Billy Slater's league record for most tries in a debut season after notching 21 in 26 appearances.
His fine form saw him named NRL Rookie of the Year in 2007 and he went on to play in two Grand Finals, five State of Origin games and win seven caps for the Kangaroos.
He picked up the man of the match award in one of those Origin victories for Queensland, scored five tries for his country and was named the Centre of the Year at the prestigious Daily M Awards in 2008.
Regarded as one of the greatest talents to hit rugby league in the modern era, Folau moved from Melbourne to Brisbane for the 2009 season before announcing his shock switch to Aussie Rules after just a single campaign with the Broncos.