The 29-year-old has signed a five-year contract with the Italian side.
A statement on the club’s official website read: “Bologna have reached an agreement with Alessandro Diamanti to prolong his contract until June 30, 2017.”
Diamanti impressed for Bologna in the Serie A last season.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.