Toronto FC is sending striker Eric Hassli to FC Dallas in exchange for a conditional second-round pick in the 2014 MLS SuperDraft.
The move was expected after FC Dallas tweeted its interest in Hassli on Friday.
Toronto FC general manager Kevin Payne says the deal creates salary cap room and opens a designated player spot.
Hassli was acquired from the Vancouver Whitecaps last July.
The 31-year-old Frenchman made eight appearances with Toronto FC, scoring three goals and adding two assists in all competitions.
Hassli made $790,000 US last season, of which $350,000 counted against the salary cap by virtue of his designated player status.