The 27-year-old has been out since suffering a serious knee playing for Wales in September 2015.
Halfpenny has been registered in Toulon's European Champions Cup squad, but will not play in their quarter-final against Racing 92 on 10 April.
"For Leigh Halfpenny, it's still too early," said Laporte.
"I think he'll be OK for the match against Pau. It's what we've planned."
The former Cardiff Blues back was injured during Wales' win over Italy and missed the World Cup.
The British and Irish Lion's return would put him in contention for Wales' June tour to New Zealand.
Wales full-back Leigh Halfpenny could make his return for Toulon against Pau on 16 April, says the French club's coach Bernard Laporte.