The 32-year old Scottish defender is on loan from Birmingham City until July but admits he could be swayed into staying permanently if the opportunity arose.
"We've had brief discussions about [extending my time with TFC]. Hopefully it is a case of me doing well for Toronto and obviously me settling in well in the city with my family, who are not here right now. My young kids are in school in England and will be coming out and having a look," the former Newcastle United, Sunderland and Burnley man told MLSsoccer.com.
"I have a couple of friends who have played in the MLS, who came over from the Championship and Premier League in England. They have said that it is great, that it is an exciting league and that is difficult to do well and difficult to play away and win football matches. They have only said good things about the franchises that they have played for."
Caldwell, who has represented Scotland 12 times, is expected to make his TFC debut at home against Columbus Crew this weekend.