The Highlanders midfielder was left out of the All Blacks squad for the British and Irish Lions series, with Toulon swooping in for his services with the bid.
Sources told Midi Olympique on Friday (NZ time) the club was optimistic of securing the 25-year-old's signature.
Fekitoa is off contract at the end of the season, but said in April he was in no rush to make a decision on his future.
"I don't have a timeframe," Fekitoa said. "I let my management team do all the talking behind the scenes. For me, it's about getting my game right and enjoying my rugby."