(Photo credit: Ron Chenoy-Imagn Images)

Toronto FC completed a previously reported cash-for-player trade for Colorado Rapids midfielder Djordje Mihailovic on Thursday.

The Rapids received $8 million in the trade, a club record. A report by GiveMeSport earlier this week said the deal will also include $1 million in add-ons and a sell-on percentage.

Mihailovic, 26, will join the fourth MLS club of his career. The native of Jacksonville, Fla., said in a statement that he requested the trade to Toronto.

'I want to thank everyone at the Colorado Rapids for everything they've done for me over the past year. This club brought me back from Europe and supported me in my dream of representing the United States in the Olympics,' Mihailovic's statement said.

'Most recently, I asked for a move to Toronto for personal reasons, and I deeply appreciate the professionalism and understanding the Rapids showed in facilitating this transfer. I'm grateful to everyone I've met here; teammates, coaches, staff, and fans, and I'll always carry those positive memories with me.'

Mihailovic joined the Rapids ahead of the 2024 season after time with the Chicago Fire (2017-20), CF Montreal (2021-22) and the Dutch club AZ Alkmaar (2023).

Mihailovic has nine goals with seven assists through 24 matches (all starts) this season, on pace to break the career highs of 11 goals he set last year. In 187 career MLS matches, Mihailovic has recorded 40 goals and 21 assists.

He has also made 11 appearances for the USMNT, scoring one goal.

'Djordje made a meaningful impact during his time in Colorado, and while we're disappointed to see him go, especially at this stage in the season, we wish him well in the next chapter of his career,' Rapids president Padraig Smith said in a statement. 'Our ambition is to build a championship contender, and we're committed to turning Djordje's departure into an opportunity to further strengthen the roster as we continue our quest to bring an MLS Cup back to Colorado.'

The Rapids (8-11-6, 30 points) currently occupy the ninth and final playoff position in the Western Conference, while Toronto FC ( 5-13-6, 21 points) are a distant 14 points out of ninth in the East.

--Field Level Media