Toronto FC has mutually agreed to terminate the contracts of former Italy internationals Lorenzo Insigne and Federico Bernardeschi, the MLS club announced Tuesday.
Both players arrived in the summer 2022 with big expectations and on large contracts. Insigne was the second-highest paid player in MLS behind Lionel Messi, with a guaranteed compensation of $15.44 million, according to data released by the MLS Players Association last month.
The club used its two buyouts of a guaranteed contract that each MLS team is allotted per season to part ways with the former Juventus pair.
Insigne, 34, had a contract through June 2026 with an option for the remainder of that year. Bernardeschi, 31, had a deal through 2026 with two option years.
"The Club would like to thank Lorenzo for his efforts over the last three years," Toronto FC general manager Jason Hernandez said in a statement. "After several meaningful discussions, we are happy to have found a solution that is agreeable to all parties involved. We wish Lorenzo all the best moving forward."
Bernardeschi was the fifth-highest earner in MLS at $6.29 million guaranteed compensation.
"After internal discussions with Federico, we were aligned that this was the correct moment to part ways," Hernandez added of Bernadeschi.
"We would like to thank Fede [Bernardeschi] for his contributions to Toronto FC over the past three years and wish him the best in the next chapter of his career."
Insigne scored 19 goals and added 18 assists in 76 matches (66 starts) for Toronto in all competitions. He had one goal and three assists in 13 MLS appearances this season.
Bernardeschi registered four goals and four assists in 15 MLS matches this season, as the 2024 All-Star's four-year stint in MLS comes to an end with 25 goals and 12 assists in 88 appearances.
Information from Reuters and The Associated Press as used in this report.