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The Serie A club said the 22-year-old has joined on an initial two-year loan with an obligation to make the move permanent.
The deal is reported to be worth in the region of 20 million euros ($22 million).
Cutrone moved to the English Premier League club last July from AC Milan on a four-year contract worth £16 million ($19 million).
But he struggled to make an impact starting mostly on the bench with just nine starts in 24 appearances, and three goals.
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His final appearance was as a substitute at Norwich City last month.
Cutrone came through AC Milan's youth team and made his senior debut for the club in 2017, scoring 27 goals over two years.
He represented Italy at youth level, and has one senior cap in a 2-0 friendly defeat to Argentina in March 2018.
Fiorentina are struggling in 15th position in Serie A, four points above the drop zone.
The Tuscans host bottom club SPAL on Sunday looking for their first win since October 30.
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