The 28-year old Canada international, who was born in Toronto, has been in Spain's La Liga since 2005 but reports in the Spanish newspaper Marca have him linked with a move back to his homeland.
Reports say that De Guzman will be Toronto's designated player, meaning they don't have to include his entire salary in the clubs salary cap but club coach Chris Cummins could not confirm any potential move.
"There's a lot of people we're talking to at the moment, and they've got to be the right people," Cummins said.
"If Julian is one of them, and he comes in, then great. He'd be a great asset to the club. He's a fantastic player."