The 21-year-old made a shock move to the Stadio Olimpico after he was close to joining Serie A champion Juventus. However the player failed to reach a personal agreement with the club and the resignation of coach Antonio Conte saw the move break down completely.
Roma quickly pounced on its rival's inability to sign the youngster, who scored eight league goals for Hellas last season, and has signed the player on a five year contract.
"AS Roma announces that it has signed a contract with Hellas Verona for the definitive acquisition of the rights to the player Iturbe for a fee of €22 million," a statement on the club's official website read.
The capital club also revealed the player will receive "up to a maximum of €2.5m" per year, adding "The player signed a contract of employment of five years, expiring on 30 June 2019."