The former Norwich and Stoke forward is available as a free agent after severing links with Portsmouth.
He parted company with the League One side in January, a day before his short-term contract at Fratton Park was due to expire.
The 32-year-old was offered an opportunity to catch the eye at Toronto, who are coached by former Norwich defender Jim Brennan.
Russell offered enough to suggest that he could make an impact in the MLS and is understood to have agreed a deal which will see him head to Canada for the 2013 campaign.
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