The duo are competing for the winger's spot vacated by Elliot Daly, who was banned for three weeks after being sent off for a dangerous tackle in Saturday's 27-14 win over Argentina.
Rokoduguni scored two tries on his return to test rugby in a man-of-the-match performance against Fiji but was dropped from the squad to face the Pumas after being told he had to improve aspects of his game if he was to return to test rugby.
However, the more experienced Yarde is seen as most likely to replace Daly, as England seek a fourth successive win over the Wallabies, despite having not featured since starting on the wing in the opening autumn test victory against South Africa.
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Nathan Hughes is set to start at number eight, having recovered from a foot injury, in place of Billy Vunipola, while Teimana Harrison will continue as the replacement back row.
Vunipola has been sidelined for at least three months after knee surgery and is likely to miss the entire Six Nations.
Fiji-born forward Hughes has won two caps this autumn as a replacement, but has yet to make his full test debut.
England coach Eddie Jones is scheduled to name his 23-man matchday squad on Thursday.
(Writing by Ken Ferris; Editing by Greg Stutchbury)
