Jermain Defoe offered £5million-a-year MLS deal
Toronto FC put together lucrative package to lure Tottenham striker to MLS
The Canadian club are currently managed by Defoe's ex-team-mate Ryan Nelson, and the former Spurs defender is a keen admirer of the forward's talents.
Defoe has fallen behind Roberto Soldado in the White Hart Lane pecking order and with Emmanuel Adebayor nearing fitness, the England man could slip to third in the striking ranks.
Though starting the season on fire in the Europa League, Defoe has struggled for Premier League game-time and was heavily criticised in Spurs' 3-0 defeat to West Ham when he started up top.
Boss Andre Villas-Boas is building his side with one out-and-out striker and a playmaker in behind, and with Soldado and Adebayor's greater physical presence, it leaves the 31-year-old making do with a substitute role.
Defoe is currently in his second spell as a Tottenham player, having been sold to Portsmouth and subsequently re-signed.
The poacher has been a favourite amongst Spurs fans since his 2004 move from West Ham - costing the club £7million.
Defoe's future at the Lane could be shortened still by news that the club are interested in Brazilian hit-man Alexandre Pato.
Former AC Milan striker Pato recently revealed he rejected a move to North London, although Villas-Boas remains interested.