The Ligue 1 outfit confirmed the news on their official website on Thursday, with Pesic becoming the club's first signing of the close-season.
Toulouse finished ninth in the French top flight last season, but their points tally left them closer to the bottom three than European qualification.
Those strikes helped his old club finish third at the end of the 2013-14 campaign, which saw them qualify for next season's UEFA Europa League.
Pesic joined Jagodina after a stint in Moldova with Sheriff, and has also made six appearances for Serbia's Under-21 side.
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