The 22-year-old, right-hand-shot defenceman was put on waivers by the Vancouver Canucks Monday for the intention of re-assignment to AHL Utica, but he failed to clear Tuesday, when he was scooped up by Toronto.
Canucks general manager Jim Benning told reporters he called 10 to 15 teams in attempt to trade Corrado but was unsuccessful.
Corrado, who was drafted by Vancouver in the fifth round of 2011, tweeted the following message Monday after he was waived:
The Maple Leafs are expected to ship defenceman Scott Harrington down to the AHL Marlies in order to accommodate a roster spot for Corrado.
A Toronto native, Corrado has played 22 games at the NHL level in the past two seasons, scoring two goals and taking four minutes in penalties.
The bulk of his time has been spent in the AHL. He scored 16 points in 35 games with the Utica Comets in 2014-15.
The Maple Leafs also placed winger Richard Panik on waivers Tuesday. Panik, 24, scored 11 goals and six assists in 76 games with the Leafs last season.
The Canucks opted to go with another 22-year-old Ontario native, Ben Hutton, on defence for its opening roster. Hutton was surprised he made the cut.