Faletau has made a real impression in just his second season of Magners League rugby, despite only playing twice so far this term.
The son of former Tonga and Ebbw Vale lock Kuli Faletau, Toby played a pivotal role in the Dragons' 21-16 win at the Ospreys on Saturday night, scoring a fine individual try at the Liberty Stadium.
His only previous Magners League appearance this season came in the home win over Aironi the previous week, while he played just six times in his debut campaign in 2009/10.
A product of the Dragons Academy, Faletau played for Wales U20 in the Six Nations this year, missing out on the IRB Junior World Championship through injury.
He will now challenge Osprey Jonathan Thomas, Blues duo Martyn Williams and Sam Warburton and Dragons team-mate Dan Lydiate and for a back-row spot against the Wallabies in Cardiff.
Also training with the Wales squad this week, but yet to receive full call-ups, are Blues centre Dafydd Hewitt, Scarlets centre Scott Williams and London Wasps back row Andy Powell.
Injured Sacrlets centre Jonathan Davies, who sustained ankle ligament damage in training last week, has now withdrawn from the squad, while England-based Powell is unavailable for the visit of the Wallabies this weekend.
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