Fiorentina have announced that striker Arturo Lupoli has signed for Ascoli with midfielder Francesco Di Tacchio going the other way.
The 22-year-old was tipped to join Sheffield United this summer after spending the latter part of last season on loan at Bramall Lane.
However after a concrete offer from the Blades failed to materialise the former Arsenal youngster has decided to join Serie B side Ascoli.
The Italian was touted for big things when Arsene Wenger plucked him from Parma's youth academy, where he partnered Giuseppe Rossi, but after a number of disappointing loan spells the youngster seems to have lost his way slightly.
A move to Fiorentina in 2007 failed to come good and after temporary stays at Norwich and Sheffield United, the Viola have decided to let Lupoli leave in exchange for Di Tacchio.
Ascoli will be hoping Lupoli can help to revive their fortunes following a dismal season last time out, which saw them escape relegation to Italy's third tier by three points.