Jacob Peterson was Colorado's first-round draft pick in 2006. Jacob Peterson was Colorado's first-round draft pick in 2006. (Victor Decolongon/Getty Images)

Toronto FC signed midfielder Jacob Peterson from the Colorado Rapids on Thursday, the team announced in a release.

Peterson, 23, was Colorado's first-round draft pick in 2006. He broke through in 2009 when he appeared in 23 games for the club, making 12 starts and tallying two goals and two assists. He missed the last month of the '09 campaign because of injury.

"This is a player that [TFC coach] Preki has been wanting for some time," said Mo Johnston, director of soccer for the club. "We're looking forward to bringing him into camp and getting him working with the rest of the players."

In return, the Rapids received allocation money. Financial terms were not disclosed.

The Indiana University grad won college championships, and has played for the United States' under-17, under-20 and under-23 teams.