He was named to the league's Best XI three times (2015-2017) and was an All-Star four times (2015-2018).
After thanking the club in a statement, Giovinco took a different tone in comments on Instagram.
"As I have always maintained, I was hoping to renew my contract and finish my playing career in a city that feels like home," he wrote.
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"For the 2 years I have been seeking to extend my contract, however management was reluctant. Recently, after refusing to exercise the club option for 2020, I was offered terms that I deemed unacceptable.
"They may say I left for a more lucrative deal, but this is not the case.
"After having grown the brand and elevating the overall reputation of TFC both at home and abroad, it seems I no longer serve a purpose. I would have accepted less to stay in Toronto."
(Writing by Jahmal Corner in Los Angeles; Editing by Peter Rutherford)
