Weatherald scored 23 and 0 as the home team fell to a nine-wicket defeat in Darwin, leaving the opener with an overall record of 224 runs at an average of 20.36 from six matches.
Renshaw is in line to play his 15th Test and will come into the team on the back of good form with Queensland in domestic first-class cricket last season having averaged 49.90, that included three centuries.
The change at the top of the order will see Australia now have used seven openers since David Warner retired in 2024.
Another player under scrutiny in the second Test will be number 3 Marnus Labuschagne, who head coach Andrew McDonald needed "big runs".
Australia squad for second Test against Bangladesh: Travis Head, Matt Renshaw, Marnus Labuschagne, Steven Smith, Cameron Green, Alex Carey, Beau Webster, Pat Cummins (captain), Mitchell Starc, Nathan Lyon, Josh Hazlewood, Josh Inglis, Scott Boland
Pat Cummins has welcomed Australia's long-awaited return to South Africa, describing the Proteas as a "really strong side" as the visitors begin preparations for a three-Test series in October.
Bangladesh recovered from a disastrous start to fight back against Australia on a remarkable opening day of the second Test in Mackay in which 18 wickets tumbled.
Australia have resisted selecting an all-pace attack for the second and final Test against Bangladesh, starting in Mackay on Saturday, with spinner Nathan Lyon keeping his place.
Matt Renshaw is in a "really good place" and has "got the game for all conditions" as he prepares to return to the Australia Test team for the second game of the series against Bangladesh.
