Sources have told ESPN 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. Mihailovic, 23, will join his new team on Jan. 1.
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"I want to thank Djordje for believing in our project and choosing to come to Montreal to showcase his immense potential," Montreal chief sporting officer Olivier Renard said.
"We also want to thank him for everything he achieved on the field since his arrival, but also for wanting to continue the season with us to try to go as far as possible. Europe has been his dream for many years, and I am happy we can contribute to his career objectives. This agreement is a good fit for Djordje. It is a club he wanted to be a part of and where his qualities and style of play can be fully realized."
Mihailovic has seven goals and four assists in 20 matches this season, his second with Montreal. However, 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 ahead of the 2022 World Cup. At international level he has made six appearances for the U.S., scoring one goal.
He was acquired from the Fire in December 2020 for $800,000 in general allocation money.
"This is a very exciting moment for me, but also sad, knowing that I will be leaving CF Montreal," Mihailovic said. "When I joined this team from Chicago, I didn't expect this kind of reception. I want to thank the fans for their support. It has been an incredible experience.
"... Europe has always been my dream and they gave me the chance to pursue this new path in my career. But it's not over yet! This season we have the opportunity to do something special for the Club and the city."
The Chicago native has 18 goals and 34 assists in 127 MLS appearances with the Chicago Fire (2017-20) and Montreal.