Toronto FC announced a mutual parting with forward Federico Bernardeschi on Tuesday.
Toronto used one of its two buyouts of a guaranteed contract that each MLS team is allotted per season.
The 31-year-old Italian joined the Reds from Juventus as a designated player midway through the 2022 season.
"After internal discussions with Federico, we were aligned that this was the correct moment to part ways," Toronto general manager Jason Hernandez said. "We would like to thank Fede for his contributions to Toronto FC over the past three years and wish him the best in the next chapter of his career."
Bernardeschi tallied four goals and four assists in 15 MLS matches this season, bringing the 2024 All-Star's four-year totals with Toronto to 25 goals and 12 assists in 88 matches (87 starts).
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