Here’s footage via Uppercut Magazine of the backstage meeting between Dana White and James Toney that took place following UFC 108. Dana definitely seems interested despite this little exchange.

Dana: “So you know how to check kicks and you know how to do all that?” (at the 3:45 min mark)
Toney: “Yeah, front kick, back kick, side check kick, all that.”
Dana: “Umm…..”

Unless Dana and Lorenzo have a change of heart, it seems the only obstacle that stands in the way of Toney entering the Octagon is the two parties coming to agreement on terms.