The clash between the southern hemisphere champions and the French glamour side will take place on February 6, shortly before the 2016 Super Rugby season begins.
"Obviously it's a significant opportunity and it would be the first time the Highlanders have matched up against a European side," Highlanders general manager Roger Clark said today.
"It's fair to say the coaching group are excited by the prospect. While there are still a number of operational and compliance issues to work through, we do have agreement in principle."
The Highlanders captured their first Super Rugby title last month, beating the Wellington Hurricanes 21-14, while Toulon won their third successive European title with a 24-18 victory over Clermont Auvergne in May.
Plans for similar matches between the southern and northern hemisphere club champions over the last two years have fallen through.
- additional reporting by Reuters
• More in tomorrow's Otago Daily Times
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