Quade Cooper's protracted transfer to Toulon has moved a step closer to completion after the Queensland Reds confirmed he will not be signing a new contract with the Super Rugby side.

Toulon announced the signing of the 27-year-old fly-half on a pre-agreement contract back in April, though the Australian side did not acknowledge the deal.

Instead, the Reds entered contract negotiations with Cooper in a bid to extend his stay with the club. However, those negotiations have now come to an end, leaving Cooper free to join the 2014 Top 14 champions.

"We have come to the difficult decision that the investment we have made previously and were prepared to continue to make has not been recognised, particularly when taking into account our commitment to him over a very long period of time," the club said in a statement.

"As a consequence, we are no longer prepared to be involved in any further discussions as this will leave the organisation further exposed."

"It goes without saying that Quade [Cooper] leaves us with our gratitude for his time with the Reds and has only our best wishes and thanks as he enters a new chapter in his career."

Cooper, who also launched his boxing career in 2012, has represented the Wallabies on 53 occasions. In order to qualify for selection while playing in France, he will need to amass a further seven caps before the end of the World Cup.