It is thought, should a deal go through, it would see Reds forward Borini make a permanent switch to La Viola, who were in England last night for a friendly against Chelsea at Stamford Bridge.
The 24-year-old former Blues player — holder of one senior Italy cap — has struggled to make much of an impact for Liverpool since joining them in 2012, his Barclays Premier League record with them showing only eight starts among a total of 25 appearances, and just two goals.
He spent the 2013-14 season on loan at Sunderland and scored seven top-flight goals for the Wearsiders, as well as netting three times in their run to the Capital One Cup final, but subsequently opted not to join them on a permanent deal and instead returned to Liverpool.
Borini made his senior debut with Chelsea in 2009, had a short loan spell at Swansea in 2010-11 and then went on to play for Roma before making his move to Merseyside.
Fiorentina finished the 2014-15 season in fourth place in Serie A.
Elsewhere former Southampton forward Dani Osvaldo has completed a move to Porto, making the Primeira Liga outfit his fifth club in two years.
The 29-year-old Italy international has now moved to a new side, either on loan or for a permanent switch, in each of the last five transfer windows.
Osvaldo’s talent, which was epitomised by a sublime goal against Manchester City in 2013/14, has never been in question but he has been dogged by off-field problems that led to him being exiled from St Mary’s.
After loan spells at Juventus, Inter Milan and Boca Juniors, Southampton released their club record signing earlier this summer, freeing him up to sign for Porto.
The Portuguese side confirmed the switch on Twitter, with a photograph of the Argentinian-born striker holding a Porto shirt and a message saying: “WelcomeOsvaldo.” Crystal Palace have announced the signing of former Wolves forward Bakary Sako on a free transfer.
Sako has joined the Barclays Premier League side on a three-year deal following the expiration earlier this summer of his contract with Wolves, who he had been with since 2012.
The French-born Mali international scored 36 goals in 118 league appearances for the Midlands outfit, and was named in the PFA League One Team of the Year when he helped Wolves win the division in 2013/14.
He subsequently made the Championship end-of-season line-up last term after notching 15 goals en route to Kenny Jackett’s men finishing just outside the play-offs.
Regarding his new employers, 27-year-old Sako said on cpfc.co.uk: “I talked to some clubs but when I met Alan (Pardew, the Palace manager) I felt a good feeling between him and me and that’s why I chose Palace.
“He plays attacking, attractive football so it should be good to play here and score some goals, that’s why I came to join him.
“I’ve been doing my own pre-season training because Wolves gave me a programme before I left, and my cousin has a small academy so we trained together to keep my fitness levels up.
“I think I’m fit now but it’s in the manager’s hands to pick me so we’ll see how my fitness is.
“I want to play lots of games, score some goals and get some assists and enjoy myself.
I’m confident about stepping up to the Premier League so we’ll see how it goes.”