SBN's Bolton blog, Lion Of Vienna Suite, suggests that the 36-year old has been offered a deal by TFC and could make the move at the end of the Championship season.
Davies has been with the Trotters since 2003 but is unlikely to be offered a new contract by manager Dougie Freedman in the summer and could continue his career in Canada.
If he does make the move to Toronto, Davies would play alongside the likes of Robert Earnshaw (ex-Cardiff City), John Bostock (on loan from Tottenham), Hogan Ephraim (on loan from QPR), former Manchester United youth Richard Eckersley and ex-Celtic and Leeds United defender Darren O'Dea under fellow former Blackburn Rovers player Ryan Nelsen.
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