Montreal sporting director Olivier Renard told TVA Sports that Mihailovic wouldn't take part in Saturday's match against the New England Revolution, as he had been given permission to travel to Europe to finalize the deal.
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Sources confirmed that, including bonuses, the deal could reach $6 million. Montreal would also receive a percentage of a future transfer, which could take the total haul even higher. The plan is that if the transfer goes through, Mihailovic will remain with Montreal until the end of the 2022 campaign.
Mihailovic enjoyed a sparking start to the MLS season, recording seven goals and four assists by the end of May. But a knee injury sidelined him for the month of June, and denied him the opportunity to take in a quartet of games with the U.S. men's national team. Although he has returned to the field, he has yet to register a goal or assist since he went down.
While Mihailovic's chances of making the final World Cup squad are now slim, he has long had his eye on a move to Europe. He told ESPN in May that any move would be made with his long-term future being prioritized.
"I do have to keep in mind that the World Cup is at the end of the year, and I have to make sure I'm at a club where I'm playing, and playing while I'm happy," Mihailovic said to ESPN. "I can't just leave Montreal, for thinking that it's gonna help me get to the World Cup. I don't think like that. So if I leave Montreal, I have to make sure it's the best thing for my career."
A native of Addison, Ill., Mihailovic spent the first four seasons of his pro career with the Chicago Fire after rising through the team's academy. But following the 2020 campaign, the Fire oddly decided to move on from the midfielder, and traded him to Montreal ahead of the 2021 season for upwards of $1m in allocation money.
Mihailovic soon found a home in Canada and has gone on to log 11 goals and 20 assists in 54 appearances. All told, he's scored 18 goals in his career along with 34 assists in 128 league and playoff appearances.
At international level he has made six appearances for the U.S., scoring one goal.