The renowned Japanese chef is collaborating with hospitality and entertainment companies INK Entertainment and ICON Legacy Hospitality on the new venture.
The new Morimoto restaurant will be housed in the newly built Theatre Park building at 224 King St. W. in the heart of Toronto's entertainment district.
The eatery is slated to open in late 2015.
Morimoto is widely known for his starring role on the Japanese TV show "Iron Chef" and Food Network series "Iron Chef America."
He has earned acclaim for his signature style of cuisine which integrates Western and Japanese ingredients and techniques.
The Hiroshima-born chef studied the art of sushi in his hometown after a shoulder injury ended a promising career as a baseball catcher.
After five years of operating his own restaurant in Japan, Morimoto moved to the U.S and launched his first eponymous restaurant in Philadelphia in 2001.
He has since opened restaurants in cities including Chicago, New York and Mexico City.