Queensland Reds have claimed that Toulon have not yet finalised a deal with playmaker Quade Cooper, despite a picture of him in a Toulon shirt being published on the French club's Facebook page.

Toulon announced on Friday night that Cooper had signed a two-year deal with the club, but both Cooper's manager and Queensland's chief executive Jim Carmichael deny that this is the case.

"We had a great lunch, I'm very happy that the time has allowed Quade and I to get close to a position that satisfies us both," Carmichael said, according to ESPN. "There is more conversation to be had and this is the last time I'm commenting on this until our discussions are concluded."

Cooper's manager Khoder Nassar also said that the Australian was "deciphering" the new rules that allow an oversees player to still be eligible for the Wallabies.

"Quade's deciphering everything," Nasser said. "To be honest, he was deciphering everything before the ARU's rules came out, regardless. He'll make his call over the next week or two weeks."

If Cooper does move to the French giants, he will link up with fellow countrymen Salesi Ma'afu, Matt Giteau and Drew Mitchell.