The 21-year old will travel to Canada this week to complete a deal to join the MLS outfit for a fee that 'will leave a very beneficial cash income for the club' according to the Argentine sides official website.
Laba has been linked with Toronto for some time now and TFC head coach Ryan Nelsen confirmed an official announcement will soon be made, however, he did make it clear that fellow Argentine Maximiliano Urutti would not be joining.
"We are always looking to improve the squad and Matias Laba is an incredible player," Nelsen told media. "So if he joins the Toronto squad, I will be more than happy.
"Urruti is not coming. That's finished now. With the other player, there should be an announcement soon."