The Canadian club announced the move via Twitter on Monday but did not disclose any information about the financial terms of the deal:
Toronto FC general manager Tim Bezbatchenko provided the following statement in part, via the club's official website:
Having Sebastian join us in time for training camp is incredibly important for our team and our plans this year. Sebastian is a world-class player who makes all of his teammates better and his arrival is a monumental moment for Major League Soccer and Toronto. Because he was so driven to join his new team now, Seba and his agent took it upon themselves and went to great lengths to negotiate his release from Juventus. That speaks volumes about his commitment to this team, the leadership he brings, and the fact that he is fully behind our vision for the long term.
Kurtis Larson of the Toronto Sun reports that Giovinco could be set to earn $7 million (£4.6 million) a year across a five-year contract.
Toronto general manager Tim Bezbatchenko hailed the signing of the 27-year-old Giovinco, per the club's website, which is something of a surprise move despite him being out of favour at Juve. He has started just twice in the league this season:
Today marks a very special day for Toronto FC with the addition of Sebastian Giovinco. Seba is in the prime of his career and he has chosen to join Toronto FC and MLS at a time when many of the top clubs in the world were pursuing him. We are very pleased to bring a fantastic player to Toronto FC for our club and for our fans, especially those in the Italian community.
Indeed, Toronto have pulled off quite a move in signing Giovinco, a high-profile signing for the whole league, per beIN Sports' Tancredi Palmeri.
He joins the Canadian club following the recent addition of Jozy Altidore, who switched from Sunderland last week with Jermain Defoe going the other way.
Giovinco figures to bring some excitement and intrigue to his new club in the near future.