Nane, 22, was selected by Toronto FC from Old Dominion University in the fourth round of the 2010 MLS SuperDraft, 53rd overall. He made 11 league appearances in his rookie season, starting eight matches.
"We continue to look at options available to us as we rebuild the squad, and this is a move that makes sense for our club," said Earl Cochrane, Toronto FC interim director of soccer. "Joseph is a good young professional who worked hard during his time here. We thank him for his contribution to our team and wish him success in the future."
Nane signed a developmental contract with Toronto FC on April 5, 2010 and made his debut five days later in a 4-1 defeat at New England Revolution.