The 25-year-old is on his way to the Primera Division on a temporary deal, though he could join the club on a permanent basis if he impresses between now and the end of the season
The Valencia-based club's website revealed that the 25-year-old would be flying in for a medical on Thursday, before officially joining up with Juan Ignacio Martinez's squad.
"Levante UD is in tentative agreement with Bologna FC and Robert Acquafresca about taking the Italian on loan till June 30," the club's website announced.
The journeyman, who has represented Italy at youth level, will provide much-needed back-up and competition for Obafemi Martins.
Acquafresca had found himself surplus to requirements under Stefano Pioli at Stadio Dall'Ara this term, after failing to score in six Serie A appearances for the Rossoblu.