Jakobsson made only three appearances for London City, one of which was a start, since joining the team after this summer's European Championship.
The rest of her time at the club has been marred by major injury problems for the winger, who, in a joint decision with the club, chose to terminate her contract early.
Instead, the 35-year-old has signed for Mexican club Toluca FC. The team, which is aiming to win its first title, presented the Swede on Thursday evening.
According to Aftonbladet, Jakobsson will now be the highest paid Swedish women's player ever.
Jakobsson has previously played for clubs such as Chelsea, Real Madrid and Bayern Munich, and has scored 23 goals in 167 matches for the Swedish national football team.
