Preki named new Toronto coach
Radosavljevic, who coached Los Angeles-based Chivas USA to three consecutive play-off appearances, takes over from Chris Cummins. He is Toronto's fourth head coach in as many seasons.
Toronto FC has been one of MLS's most successful franchises off the field but the team have never had a winning season or qualified for the playoffs.
The 46-year-old Preki, 2007 MLS coach of the year, also enjoyed a successful career on the pitch becoming the only player to twice claim the MLS most valuable player honour.
The Belgrade-born ex-Red Star midfielder signed for Everton in 1992, playing 53 times for the Premier League club before leaving for Portsmouth.
He joined Kansas City Wizards in 1996 and played at the 1998 World Cup for the United States.