Tosic - nicknamed Bambi because of his lean build - has appeared 12 times for his country and can play on either flank, having also starred for Serbia's Under-21 side.
He will join countryman Nemanja Vidic at Old Trafford and wear the number 14 shirt while Ljajic will arrive back at United for the 2009/10 season.
Tosic increases manager Sir Alex Ferguson's options on the left wing with Ryan Giggs and Nani already battling it out in that position although in recent weeks Ji-sung Park has also played there.
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