Earlier this month, the Gunners announced that Sanogo was being released at the end of his deal after struggling with injuries and for form during his time at the Emirates Stadium.
The 24-year-old scored just one goal - which came against Borussia Dortmund - in 20 appearances for the North London outfit, but it appears that he will now be given the opportunity to rebuild his career in France.
According to L'Equipe, Toulouse have held discussions with the forward and are ready to hand him a contract for the upcoming campaign.
Toulouse finished in 13th place in the Ligue 1 standings last season, but they were the fifth-lowest scorers in the division.
Sanogo began his career in French football with Auxerre, where he netted 11 goals from 21 league appearances, but the majority of his goals came in the second division.