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Michalak left Toulouse last year to play for South African side the Sharks in the Super 14 but the 25-year-old has decided on a swift return.
"A lot of clubs came up with great offers, as much on the sporting as the financial level. I've always felt very close to Toulouse, but I still needed a bit of time to consider my options, to decide," said Michalak.
Michalak, who has won 50 caps for France, is reported to have received offers from Biarritz, second division side Toulon and from several English clubs.
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