Brandy is reportedly also attracting interest from the Championship, but the MLS side appear to have won the race for the 21-year-old's signature.
Despite the reported interest from English football's second tier, Brandy's agent has admitted that a move to the MLS is viable option.
"With Landon Donovan, David Beckham and the talk of Thierry Henry now this summer, along with the USA national team looking as strong as ever, the MLS looks an exciting place," Brandy’s agent Jamie Holsgrove told MLSsoccer.com.
"We've been in constant dialogue with Toronto over the summer. Both Jim [assistant manager] and the manager have shown a strong interest, so Febian is keen to meet with them and have a closer look sometime next week.
"We agreed an overseas move would suit his game. Negotiations are ongoing with clubs at the moment including Cyprus, Greece and Spain. We hope to make a final decision before the [MLS] transfer window opens on July 15."
Brandy himself, meanwhile, has indicated that he would like to stay in the Premier League but is keeping his options open.
"I'd like to stay with a Premier League club, I had an invitation to Toronto in the MLS at the end of June and a few Championship clubs have expressed an interest so right now I'm open minded as to where my next challenge will be," he told skysports.com.