Giovinco scored 83 goals in four years at the MLS side. "I'd like to thank the fans and my team-mates for four special years playing for Toronto FC," said the 32 year-old. "I'd also like to thank the club for helping me as I transition into the next phase of my career.
And Toronto's general manager Ali Curtis has spoken of the challenges involved in finding a replacement for their star man.
"Replacing a player like Sebastian is difficult." said Curtis. "But we are working diligently and are confident that we will be adding a new designated player in the near future."