Toronto acquires midfielder Mihailovic for $8 million from the Colorado Rapids
The cash-for-player exchange includes another $1 million if certain performance goals are met.
Mihailovic, 26, signed a three-year deal that will keep him in Toronto through 2028 with a club option for 2029. He will occupy a designated player roster spot.
'When I first joined the league, Toronto was a powerhouse, and I could tell it was one of the best teams in MLS. I know the history and potential of this club and where it can go,' Mihailovic said in a statement.
Over the course of his career, Mihailovic has played for the Chicago Fire, CF Montreal, and Dutch club AZ Alkmaar in addition to the Rapids. He's scored 48 career goals with 63 assists.
He has scored nine goals with seven assists this season for Colorado.
'We communicated our vision for the club moving forward, and Djordje expressed his excitement in embracing the responsibility as the focal point of our new project,' Toronto general manager Jason Hernandez said. 'We know Djordje is only beginning to enter his prime and will be a key piece of our franchise for many years to come.'
Mihailovic has also played for the U.S. national team, appearing in 11 matches with three goals.
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