The 20-year-old joined the Serie A club on loan in August with an option for his deal to be made permanent for a fee of €15 million, which Verona have now agreed to pay.
Iturbe made a positive impression with Verona as the club achieved a 10th-place finish, scoring eight goals in 33 appearances.
Porto confirmed the deal in a statement to the Portuguese stock exchange, the Comissao do Mercado de Valores Mobiliarios.
It read: "Porto hereby informs the market that the Hellas Verona Football Club exercised its option purchase of rights of subscription sports professional soccer player Juan Iturbe, the amount of €15,000,000 (fifteen million euros)."
Iturbe's form in Italy has brought attention from bigger clubs around Europe and reports suggest he may be immediately sold by Verona for a healthy profit.
