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This summer, England will be taking part in the 2014 World Cup and any player with hopes of participating in that competition will need to have regular playing time in the build-up to the event. Jermain Defoe, currently out injured, does not appear to be in Tottenham Hotspur's plans and as such he looks like he could be on his way out. Defoe has been linked with a move to the MLS, particularly to Toronto FC for about a month. This morning, Grant Wahl reported that, according to sources within TFC, the move "not done yet, but close."
Toronto seems to be pushing hard for a playoff spot. They've already signed Brazilian Gilberto as a Designated Player (not the one that used to play for Spurs) and are said to be looking to Italian forward Alberto Gilardino as well. The major thing here is that TFC have just completed the signing of Dewayne de Rosario who would likely play in the hole behind a striker.
Defoe could certainly get regular playing time with this team and we've seen former Premier League players go to the MLS and have a great deal of success (see: Keane, Robbie and Henry, Thierry). If Defoe can head to Toronto and bang in 8 or 10 goals before June, then he'll almost certainly be included in the England squad.
For Tottenham, clearing Defoe's wages could allow for some other moves. Don't expect Spurs to receive a huge fee got the striker either. I'd imagine somewhere around £5M would be about right. When Spurs sold Clint Dempsey to Seattle this summer he fetched about that price, probably a little less. The sale of Defoe would free up more playing time for Harry Kane or any other striker that Spurs may be interested in adding.