The record 20-time French champions join fellow Top 14 sides in Eben Etzebeth‘s Toulon and 2018 winners Castres in reducing wages due to the financial impact of the coronavirus pandemic.
“This project, which was presented by our president Didier Lacroix, was approved unanimously,” a club statement said.
“Similar negotiations will be held with the coaching staff soon,” it added.
Earlier this month, Toulouse’s France full-back Thomas Ramos told AFP his team-mates were favourable towards the idea.
The Top 14 was declared over in April, due to the COVID-19 outbreak but questions remain about if a title winner will be decided and which sides will represent the league in next season’s European Champions Cup.
Toulouse finished the season in seventh position and could miss out on the top-tier of continental competition.
Two weeks ago, the four-time European champions invited fans to buy bricks to form a wall near their Stade Ernest-Wallon stadium to help with the financial burden of the illness which has seen a reduction in revenue from ticket sales and sponsorship.
Kolbe’s team-mates underwent medical tests at the start of the week as they began their return to training protocol but the Springboks’ winger remains in South Africa as he had returned home before lockdown measures had been introduced.