Parma sporting director Pietro Leonardi has announced the loan signing of Sebastian Giovinco from Juventus.
Giovinco has been linked with a number of Serie A clubs as well as Arsenal, but reports suggest Parma have paid around £500,000 to take the 23-year-old on loan for the season.
The Gialloblu will then have the option to secure a co-ownership agreement next summer.
"Giovinco is now a Parma player and we are very happy," Leonardi told Sky Sport 24. "It is a loan with the right to buy up half his contract.
"There will be no need to negotiate with Juventus next summer, as the buy-out price has already been decided.
"Our coach, Pasquale Marino, is enthusiastic about this player, but never wanted to say so publicly. We wanted to work in the shadows while possible, as he really will improve our squad a great deal.
"I've known him for some time and I'm sure he'll do some remarkable things here. Both Alessandro Diamanti and Hatem Ben Arfa are good players, but considering the characteristics of the side, Giovinco was the absolute best we could want. I think that with Giovinco we can say our transfer market is effectively closed."
Giovinco said at his unveiling by the club: "I have arrived with the right spirit that a professional should always have. I am happy to be part of this team and this company, after the bad year that I spent at Juve. I want to redeem myself and to show what I am worth."
Source: ESPN Soccernet