Fiorentina moved for Pellegrino once Roberto Piccoli's exit to Bologna was all but finalised, agreeing a permanent deal with Parma worth around €25 million in total, split between a €22 million fixed fee and €3 million in bonuses.
Sporting director Fabio Paratici and Parma chief executive Federico Cherubini, who worked together at Juventus, settled the agreement relatively quickly, according to TMW, with the fee closely mirroring what Fiorentina paid for Piccoli just a year ago.
Piccoli himself moves to Bologna on loan with an obligation to buy conditional on the Rossoblù avoiding relegation, set at €18 million plus a 10 per cent sell-on clause. Medical tests for Pellegrino are due on Thursday.
The move has immediately unsettled what had seemed a settled situation around Moise Kean. The 2000-born forward had appeared close to certain to stay in Florence, but Pellegrino's arrival has changed the picture, with Real Betis now also making contact over the Italy international, according to FirenzeViola.it, in addition to Como's long-standing interest. Paratici is understood to be willing to consider offers in the region of €40 million.
Como head coach Cesc Fàbregas is a genuine admirer of Kean's attributes, and the Lombardy club are working on an improved offer despite sporting director Carlalberto Ludi's public insistence that the investment made in Álvaro Morata last season needs to be protected.
Both Como and Real Betis will play in next season's Champions League, a competition Kean has made clear he wants to experience in order to test himself against Europe's best, giving both suitors a genuine card to play regardless of how Fiorentina's own valuation compares with what either club is ultimately willing to pay.
Pellegrino, a 24-year-old who scored 15 goals in 52 appearances for Parma, arrives with a reputation as a physically imposing, old-fashioned centre-forward, a profile Fiorentina head coach Fabio Grosso is thought to see as complementary to Kean's more mobile style rather than a direct replacement.
Whether the two forwards end up sharing the pitch or Kean departs before the window closes will likely determine how Fiorentina's attack is shaped heading into a season the club hopes will build on last year's late-season revival from relegation danger.