The Canadian club are in the market for an experience goal scorer, and have also been linked with a move for Tottenham forward Jermain Defoe.
Toronto – managed by former Tottenham, Blackburn and QPR defender Ryan Nelsen – have also targeted Eto’o, and could well look to bring the Cameroon international to the MLS as early as January.
The 32-year-old is out of contract at Chelsea in the summer, having only signed a one year deal hours before the transfer window closed.
Chelsea boss Jose Mourinho has been told he will have money to spend on a new forward in January, with his front three of Fernando Torres, Demba Ba, and Eto’o managing just three Premier League goals between them this season.
The MLS side remain confident of bringing in one of either Defoe or Eto’o in the near future.
Defoe was believed to have been offered a contract worth £90,000, a figure that suggests the Canadian club have the financial power to lure Eto’o to the MLS should they so wish.
According to reports, negotiations for the forwards has been left to Tim Leiweke – the man who signed David Beckham for LA Galaxy.
Thierry Henry made the switch to New York Red Bulls in 2010, and Toronto are hoping to pull off a similar deal with either Defoe or Eto’o.