The 27-year-old playmaker is out of contract with Juventus in the summer and is set to move abroad after spending his entire career in Italy so far.
He has only featured six times in the league for the Serie A giants this term and is being tracked by a host of top clubs.
Tottenham, Arsenal and AS Monaco are all believed to be interested in signing Giovinco this summer but Toronto are also involved.Embed from Getty Images
The Reds are willing to offer Giovinco $3.5 million per year if he chooses to follow in the footsteps of fellow Italians Alessandro Nesta and Marco Di Vaio, who both moved to Canada to play in MLS.
The Canadian-based side are targeting an attacking designated player signing this year and have also been linked with a move for Jozy Altidore, though Jermain Defoe will need to be sold before another star can be brought in.
Giovinco can play on the wings or behind the striker and would be a valuable addition to any side, especially Toronto, and at 27 he has a lot of football in front of him.
The agile Italian has scored 18 goals and picked up 22 assists in 129 games for Juventus.
Would Sebastian Giovinco be a good signing for Toronto FC?