Former All Blacks Dan Carter and Joe Rokocoko have tested positive for corticosteroids, according to a report in French newspaper L'Equipe.

L'Equipe is reporting the two former All Blacks, along with former Pumas winger Juan Imhoff, were found with traces of steroids in their urine samples after the French 14 final in June.

The report says the results of the test "detected abnormalities in the urine" of the trio, who all play for French club Racing 92.

However, Carter's management told Newshub the pair had the correct therapeutic use exemptions (TUEs), which permit them to use certain types of prescribed medication.

"We have been aware of the issue for a few weeks. Our understanding and assurances we've had are all the documents around TUEs were in place," Essentially Group manager Simon Porter said.

He said Carter and Rokocoko were both receiving treatment for injuries. Carter was probably receiving cortison, a corticosteroid, to treat his calf injury.

New Zealand Rugby Players' Association boss Rob Nichol says the allegations are blown out of proportion.

"We've been led to believe that there was medication administered as part of a therapeutic use exemption by medical personal," he says.

"At this stage, we've been led to believe that everything's fine, and that it was done in accordance with the WADA code and regulations."

He says the story may be a beat-up by French media.

"It's not always easy to understand what goes on in French rugby - the lines of communication aren't as open as you'd like them to be sometimes," he says.

"The players have been assured everything is fine. I guess time will tell."

But even if the players do not have the correct TUEs, under French law they will not necessarily be punished for a positive result.

The L'Equipe report goes on to state that in certain circumstances, therapeutic steroids can be used without a TUE, and can be retrospectively justified in the case of a positive test.

L'Equipe says in the period from January 2015 to September 2016, they've received only 12 applications for use of corticosteroids - with seven accepted and three rejected. Two are still being processed, the report says.

Racing won the final 29-21 at the Nou Camp, with Rokocoko scoring the only try.

Carter was named Man of the Match after scoring 15 points, including five penalties.

Newshub.