Former Wallabies five-eighth Matt Giteau has turned down a record offer from a rival French top-division club to re-sign with Toulon.

The 92-Test veteran on Thursday night announced on Twitter he had committed to the French champions, who said the deal was for another two seasons with the option of a third.

Sticking around: Matt Giteau. Credit:Getty Images

"Very happy I will finish my career here" Giteau tweeted, accompanied by a photo with Toulon owner Mourad Boudjellal.

Paris-based Racing Metro were reportedly prepared to make Giteau the first player to earn one million euros ($A1.5 million) a season when his contract expired at the end of the current campaign.

Giteau joined Toulon from Super Rugby club the Brumbies in 2011 and has helped the southern France club win back-to-back European Cup titles in 2013 and 2014 as well as last season's Top 14 success.

Fellow Australians Drew Mitchell and James O'Connor are also part of the star-studded Toulon squad.

AAP