Earlier this month, Andrea D'Amico ruled out a return to Serie A for his client, stating that he was "enjoying huge satisfaction both on and off the field" in Toronto.
Now, though, the agent has admitted he will discuss his future with the Reds amid the potentially lucrative interest from the CSL.
"The Chinese club seems to be very interested, but I don't think it'll be easy to take him away from Toronto," D'Amico told Sky Sport Italia.
"We received an important offer from China and we'll talk to Toronto to decide, along with Sebastian, what to do."
Giovinco has scored 39 goals in 61 games in his first two seasons in MLS and was present at Toronto's first day of pre-season training on Tuesday, speaking to the media before the new links to China surfaced.
He is one of the highest-paid players in MLS on $7.1 million (€6.6m) a year but the salaries handed out by the North American top flight have been topped by those on offer in China, with Giovinco's compatriot Graziano Pelle taking home a reported €16m per season at Shandong Luneng.