There has been speculation for months that Cooper will make a return for the Reds, and those speculations were strengthened further when Wallabies coach Michael Cheika revealed he had been trying to poach Cooper back for some time.
Queensland Rugby executive general manager Daniel Herbert also said: "There's always room for quality, isn't there? There's room for Cooper. The desire is there. We don't like to comment until things have solidified but yes, there's room."
The 28-year-old Cooper has pulled the pin with 12 months remaining on his Toulon contract.