The 31-year-old England international could become the highest-paid player in MLS history.
According to a Toronto Sun report released Friday night, the English striker could become the highest-paid player in MLS history with a salary in excess of $150,000 per week. His transfer fee alone could cost TFC as much as $10 million.
If signed, Defoe would become TFC’s third Designated Player after Argentine midfielder Matías Laba and Brazilian forward Gilberto, who was introduced at a press conference in Toronto on Friday.
Since TFC only managed a meager 30 goals in the 2013 season and failed to make the playoffs for a seventh consecutive year, the club's front office vowed that it would heavily bolster the team's attacking options before the 2014 season got underway.
"We promised our fans back in September that this club would make bold moves this off-season and that they should evaluate our progress in January," TFC GM Tim Bezbatchenko said on Friday. "We will continue to work toward delivering on that promise over the next month."
Defoe has scored nine goals in 18 appearances with Tottenham so far this season in all competitions.
When reached by Goal, TFC declined to comment on the matter.