The recently promoted Serie A outfit have confirmed the capture of the 20-year-old Argentine on loan, with the right to make the switch permanent for around €8 million (£6.79m)
The 20-year-old midfielder had been tailed by both Inter and Genoa, but the recently promoted Gialloblu have beaten the competition to sign the Argentina Under-20 international.
Andrea Mandorlini's outfit have also negotiated the right to make the transfer a permanent one for a reported fee of €8 million (£6.79m) at the end of Iturbe's temporary switch.
The Veneto side have already captured a host of new players during the summer transfer period, including Luca Toni and Romulo from Fiorentina and Genoa's Bosko Jankovic, but Iturbe marks perhaps their most high-profile move since winning promotion from Serie B in May.
Iturbe has been touted as a star of the future for a number of years having broken into the Cerro Porteno first team soon after his 16th birthday, and earning a move to Porto at the age of just 18.
He spent the first half of 2013 on loan at River Plate, scoring three goals in 17 league appearances.