A report from Brazil's Lancenet said the MLS team and Monaco were both after the Manchester City forward, with Toronto offering US$10 million.
"We are not in talks to acquire Carlos Tevez," a team spokesman said Thursday when asked about the report.
Tevez is a talented if mercurial striker on big wages at Manchester City. What appeared to be a leaked pay slip in March 2010 indicated he made a gross wage of 720,287 pounds (US$1.4 million) in that month alone with an extra accommodation bonus of 20,000 pounds.
Monaco, which is owned by Russian billionaire Dmitry Rybolovlev, has been spending freely since being promoted to France's top tier. Atletico Madrid striker Radamel Falcao is the latest star on its radar.
The top-earning Toronto player is Dutch striker Danny Koevermans who is due to make $1.663 million this season.
Tim Leiweke, the incoming president and CEO of TFC owner Maple Leaf Sports & Entertainment, has had success with marquee players in the past. Leiweke was with the Anschutz Entertainment Group, which owned the Galaxy, when Los Angeles signed David Beckham.
"I've been told by the (MLSE) board and the owners that if we find the right guy, they are all in and that they are committed to that move," Leiweke told a conference call in April following his hiring.