The Spanish-language TV network had cancelled its contract to broadcast the Miss USA pageant which is co-owned by Mr Trump.
Univision had said last week it would not air the pageant because of what it called insulting remarks about Mexican immigrants.
Mr Trump is running for the 2016 Republican presidential nomination.
Mr Trump has accused Univision of stifling his freedom of speech in order to boost the Democratic Party frontrunner, Hilary Clinton.
While announcing his candidacy earlier this month, he had accused Mexico of sending rapists and other criminals to the United States.
He also pledged to build a "great wall" on the US border with Mexico and insisted it would be paid for by Mexicans.
He later insisted he was criticising US lawmakers, not Mexican people.
US TV network NBC has also said it would not be airing the Miss USA and the Miss Universe pageants both owned by Mr Trump.
Responding to the announcement, Mr Trump said he would consider suing NBC.
The US presidential candidate Donald Trump has filed a multi-million dollar lawsuit against Univision.