"Fiorentina announces the acquisition of Borja Valero Iglesias and Gonzalo Javier Rodriguez from Villareal Club and Alberto Aquilani from Liverpool Football Club," the club said on their official website.
Italian media suggested that Liverpool will pay part of Aquilani's salary, which has been put at as much as 1.7 million euros a season.
Aquilani has had a troubled time since signing for Liverpool from AS Roma in 2009, failing to establish himself as a dominant midfield presence in a team that struggled for form.
He has been sent back twice to Italy on loan over the last two years, first to Juventus in 2010 and then to AC Milan at the start of last season.
Despite good performances for both teams, in particular during his time at Juventus, neither club took up the offer to buy him and he returns to Serie A as a member of Vincenzo's Montella's new-look Fiorentina.
The former Roma striker excited Serie A as Catania boss last season and is hoping that Aquilani can help the Tuscan outfit improve on last season where they narrowly avoided relegation.
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