U.S. international midfielder Michael Bradley has re-signed with Toronto FC, a league source has confirmed to ESPN FC.

Reports out of Toronto on Wednesday broke the news of Bradley's deal, with a press conference scheduled for Thursday where the announcement will be made.

Bradley, 32, signed his new contract with the help of Targeted Allocation Money. Bradley's previous deal, a lucrative Designated Player contract that he signed back in 2014, paid him an average of $6.5 million per year, but that deal expired at the end of the 2019 campaign, thus freeing up a DP slot.

The new deal will likely see the TFC captain retire in Toronto colors.

Toronto was near the bottom of MLS when Bradley arrived in 2014, having failed to make the MLS playoffs even once. But Bradley, along with the help of players like Jozy Altidore and Sebastian Giovinco, spurred Toronto's ascension to be one of the elite teams in the league.

Toronto won a domestic Treble in 2017 -- consisting of MLS Cup, the Supporters' Shield and a Canadian Championship -- and were beaten MLS Cup finalists on two other occasions. The Reds won the Canadian Championship on two other occasions, and narrowly missed out on claiming the CONCACAF Champions League trophy in 2018, when they fell to Chivas on penalties.

During that time, Bradley proved to be a durable and commanding force in Toronto's midfield, never making fewer than 25 league appearances in a single season. In total, Bradley has made 201 league and cup appearances for Toronto, scoring 13 goals.

Bradley was drafted in 2004 out of IMG Academy as a 16-year-old by the MetroStars, then coached by his father Bob Bradley. The younger Bradley went on to suit up for the likes of Heerenveen, Borussia Monchengladbach, Chievo Verona and AS Roma. He also had a brief loan spell with Aston Villa 2011.

At international level, Bradley has made 151 appearances for the U.S. scoring 17 goals. He was part of squads at the 2010 and 2014 World Cups, as well as the 2008 Summer Olympics in Beijing. He has also been part of the teams that claimed the 2007 and 2017 Gold Cups.