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Mihailovic joins Toronto as a designated player, signing a 3 1/2-year contract through the end of 2028 with a club option for 2029.

"The signing of Djordje is a landmark moment, not just for our team, but for our fans, as the clearest symbol of our ownership’s intention and commitment to winning," Toronto general manager Jason Hernandez said in a statement. “As we determined the best strategy to approach our team’s transformation, we identified Djordje as the perfect foundational piece for our club, as one of the most prolific chance-creators in MLS. 

"Djordje’s ability to deliver high-level output week in and week out is widely understood, but his winning mentality and desire to elevate TFC were key factors in securing him as our new No. 10 … We know Djordje is only beginning to enter his prime and will be a key piece of our franchise for many years to come."

Earlier Thursday, TFC announced it had acquired $175,000 in 2025 general allocation money from the Portland Timbers in exchange for a 2025 international roster slot.

The Mihailovic transfer is the latest in a line of big moves in Major League Soccer this week with German star Thomas Müller joining the Vancouver Whitecaps from Bayern Munich and South Korean captain Son Heung-Min joining Los Angeles FC from England's Tottenham.

At his best, Mihailovic is a game-changer, something Toronto (5-13-6) sorely needs. With 25 goals in 24 games, TFC ranks 26th in the league on offence.

Mihailovic can score goals and set them up. The 26-year-old U.S. international has scored 48 goals and added 63 assists in 243 games during a pro career in MLS and Europe.

The five-foot-10 153-pounder has 23 goals and 22 assists in 63 appearances in all competitions with Colorado since joining the club as a DP in January 2024. In his first season with the Rapids, he set a club record for most goal contributions in a single season with 11 goals and 14 assists in regular-season play.

The Florida native has nine goals and seven assists in 24 regular-season outings for Colorado this year.

With 41 MLS goal contributions, Mihailovic surpassed Mark Chung who held the record (38) by a Rapids player in their first two seasons with the club.

“When I first joined the league, Toronto was a powerhouse and I could tell it was one of the best teams in MLS," said Mihailovic. "I know the history and potential of this club and where it can go. The way the fans and the entire city rally behind the team is special. I am excited to join Toronto FC.

"After speaking with Jason and (coach) Robin (Fraser), I can sense the ambition from the entire organization to get back to the top of the league, and their vision for this project truly excites me. I am happy to be a part of an environment like this.�

Mihailovic can cause teams problems a variety of ways.

A reliable penalty-taker (he beat Toronto's Sean Johnson with a perfectly executed Panenka down the middle last September), Mihailovic's dangerous set-piece deliveries will bring a smile to the likes of Toronto's Kevin Long on corners. Mihailovic also has the knack of being in the right place at the right time, able to finding creases in opposing defences.

He demonstrated that in March 2024 when he opened his scoring account for Colorado in a 3-2 comeback win over visiting Los Angeles FC. His corner kick set up Canadian Moise Bombito's headed goal before Mihailovic himself scored a brace, with his first goal from a direct kick and the second by acrobatically deflecting the ball in with his thigh.

Toronto has been without a DP since buying out the contracts of Italians Lorenzo Insigne and Federico Bernardeschi in early July.

Canadian international Theo Corbeanu leads TFC with five goals while Honduran Deybi Flores, a defensive-minded midfielder, tops the team with two assists.

Mihailovic was making $1.775 million with the Rapids this season, a bargain compared to the $15.4 million Toronto was paying Insigne and the $6.295 million Bernardeschi was earning.

Mihailovic will wear No. 10 for Toronto, following in the footsteps of Bernardeschi, Alejandro Pozuelo, Sebastian Giovinco and Robert Earnshaw.

Toronto marks the fifth career team for Mihailovic and his second in Canada.

He spent the 2021 and '22 seasons with CF Montreal, playing 61 regular-season games, including 57 starts. In 2021, he recorded 16 assists, erasing the previous club record of 13 set by Ignacio Piatti in 2018.

Montreal had acquired Mihailovic from the Chicago Fire in exchange for up to $1 million in general allocation money. Signed as a homegrown player from the Fire academy in January 2017, he played 73 regular-season games for the Fire, including 45 starts, with seven goals and 15 assists.

After the 2022 MLS season, Mihailovic left Montreal to join AZ Alkmaar in the Netherlands. He had two goals and two assists in 36 appearances across all competitions for the Dutch side before joining Colorado on a four-year contract through 2027 with a club option through 2028.

Mihailovic has one goal in 11 appearances for the U.S., scoring against Panama in a January 2019 friendly.

Toronto visits the Eastern Conference-leading Philadelphia Union (15-5-5) on Saturday.

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This report by °µÍø½ûÇø was first published Aug. 6, 2025