Inter Miami have confirmed the signing of former Major League Soccer MVP Alejandro Pozuelo from Toronto FC.

Pozuelo, crowned MLS' best player in 2020 in the second of a three-and-a-half-season stay with Toronto, will occupy an International Roster slot and a Designated Player slot for Inter.

Phil Neville's side will pay $150,000 in General Allocation Money (GAM) to Toronto across two years for the signing of Pozuelo, which is subject to the Spaniard receiving a P-1 Visa.

Toronto will also retain a sell-on percentage in the event of a future transfer, while Inter will send additional conditional GAM if Pozuelo meets certain performance-based incentives.

"We're thrilled to be able to welcome a player of Alejandro's calibre," Inter sporting director Chris Henderson said. 

"He has proven himself to be one of the brightest talents in the league and we are confident that will continue here in South Florida.

"We were looking to add a decisive, creative attacking player and we feel he fits the profile."

Prior to joining Toronto, where he scored 30 goals and assisted 34 in 100 appearances across all competitions, Pozuelo played for Real Betis, Swansea City, Rayo Vallecano and Genk.

As well as winning the MVP award two years ago, the 30-year-old was also twice named in the MLS Team of the Season.

"We believe Alejandro will fit right in with our group," head coach Neville said. "He's a player of tremendous quality that we feel can be a real game changer for us.

"We can't wait to integrate him into the squad and are looking forward to seeing him on the pitch in Inter Miami colours."

Pozuelo's departure from Toronto comes amid widespread speculation that the Canadian club are closing in on a move for former Juventus midfielder Federico Bernardeschi.