The 30-year-old Honduran left-back struggled for playing time this past season due to Kieran Tierney's emergence at Parkhead.
Izaguirre, 30, has featured 234 times for Celtic since joining the Scottish champions from childhood club Motagua in August 2010 and still has another season left on his contract.
However, the Honduran left-back made just 17 league appearances this past campaign after losing his starting place to highly-rated 18-year-old Kieran Tierney and recent reports have claimed that he is now ready to leave Parkhead.
The Scottish Sun reported back in March that the 78-times capped international was keen to secure a “dream move” to MLS, and the latest suggestions are that Toronto could be his ultimate destination.
It.eurosport.com go as far as to claim that the veteran full-back is due to visit the Canadian club this week with a view to a potential move, but it remains to be seen at this stage what kind of fee Celtic would command for his signature if initial talks go well.
Incidentally, Izaguirre came close to joining TFC back in 2010 shortly before moving to Scotland, having impressed then-head coach Preki with two standout performances against his side in the CONCACAF Champions League a few weeks earlier [h/t Gol TV].
The Ontario outfit do not seem to have a desperate need at left-back right now with incumbent starter Justin Morrow and backup Ashtone Morgan both considered solid options, but the two-time World Cup veteran would certainly offer an upgrade at the position if they can manage to work out a salary cap-friendly deal.