I would love to see him in a Jays uniform again, but I don't think it likely.
As for where he may go, the best bets are the Yankees, Baltimore, and LA.
Houston still has Bagwell signed for another season, and he's a fan favourite there so don't look for him to go to the Stros. Texas is also not likely as they already have a good, young, power hitting first baseman in Mark Teixeira and Delgado doesn't want to DH, so the Rangers are most likely out of the picture.
Baltimore should concentrate on pitching, but they are looking to spend money and Delgado would look good hitting behind Tejada. The Yankees have more money than brains (mush like most strip club junkies), and love to spend, so they are always in the hunt for more big names.
His numbers did drop significantly this year, but remember he was playing injured for awhile, after getting off to a slow start, and he finished strong. I believe only Bonds and Pujols had more homeruns after the All Star Break than Delgado (22).
So heres hopping that he comes back, but I wouldn't get my hopes up, and where ever he goes, I wish him well.
And hope that he doesn't play us too often.