"Nothing to report," was the official response.
The Globe and Mail, however, said an announcement could come as early as Tuesday when the international transfer window reopens. The Washington Post reported last week that Toronto seemed in the front of the MLS queue to sign Forlan from Brazil's Internacional.
The Uruguayan, who previously played for Independiente, Manchester United, Villarreal and Atletico Madrid, won the Golden Boot at the 2010 World Cup as the tournament's leading scorer.
Forlan's agent, in a Brazilian publication, seemed to suggest that the striker was happy to stay where he was until after the 2014 World Cup.
Other reports had the player himself saying, while he was interested in playing in the U.S. and the Middle East, he was happy where he was with a contract that runs for another two years.
But where there's smoke, there's fire.
Forlan has been linked to Major League Soccer since May when reports carried on the league's own website quoted the striker as saying: "I like the MLS a lot. I have gone there on holiday a lot. I would love to go."
Toronto, meanwhile, is in needed of bolstering its attack and Tim Leiweke, newly appointed president and CEO of TFC owner Maple Leaf Sports & Entertainment, has gone on the record saying the MLS team is not averse to signing a marquee name if the right player presents himself.
It was on Leiweke's watch that the Los Angeles Galaxy signed David Beckham, after all.
Toronto FC manager Ryan Nelsen has been coy when asked about Forlan, offering little more than a smile and praise for the player. And the club has talked recently of chasing a forward, with club officials having made regular trips to South America in recent months.
The club was also gearing up for a possible player announcement this week.
But Toronto, which has signed 20 new players since the end of last season, also has a track record of talking up transfers.
Argentine striker Maximiliano Urutti was said to be a virtual done deal only to have the sale fall through. Toronto has also talked of hiring a Honduran, which has yet to happen.
With a record of 2-8-7, help would be appreciated.