Parma have taken up the option to buy out 50 per cent of Sebastian Giovinco's contract from Juventus following a successful loan spell.
The 24-year-old joined Parma on a season-long deal last summer and made a positive impression, playing regularly and breaking into the Italy squad.
Having scored seven goals in his 32 appearances for the club, Parma have now paid Juve for half-ownership of the player.
"Juventus Football Club confirm Parma FC exercised their option to buy 50 per cent of the sporting rights of Sebastian Giovinco for €3m to be paid over three years," read a statement on the Bianconeri website.
"The operation, which takes effect from July 1, 2011, will generate a profit of around €2.7m on the 2011-12 budget."
Juve had hoped to bring Giovinco back to work under new coach Antonio Conte, but the midfielder repeatedly stated that he wanted to stay with Parma.