The Canadian club have permanently signed English striker Jermain Defoe from Tottenham and American midfielder Michael Bradley from AS Roma while Brazilian goalkeeper Julio Cesar has joined on loan from QPR.
Former Everton midfielder Cahill feels the work done by TFC head coach Ryan Nelsen and the higher powers at the BMO Field will be of great benefit to the league as a whole.
"It's fantastic," he told NBC Sports on MLS Media Day.
"The imprint the league is making on the world stage is significant.
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