The contract also includes an option to buy the midfielder from Arsenal. This was made known in a statement published on their official website on Wednesday.
"ACF Fiorentina is delighted to announce the signing of Lucas Torreira on loan with an option to purchase from arsenal football club.
"The midfielder will wear no.18 shirt at Fiorentina".
According to British and Italian media, the midfielder will be purchase at a reported fee of €15m.
Torreira played 50 times in all competitions for Arsenal on his debut season after joining the club from Sampdoria in 2018.
However, the 25-year-old midfielder has since struggling for playing time at the North London club.
He was loaned to Atletico Madrid last season where he managed to make only 19 league appearances.
Fiorentina lost their opening Serie A match 3-1 away to AS Roma last weekend with Milenkovic scoring Roma's only goal of the encounter on the 60th minute.
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