The 29-year-old Italian joins the Cherries after two seasons as Juventus' first-choice goalkeeper, although he lost his starting position earlier this year. He is expected to provide competition for Djordje Petrovic at the Vitality Stadium.
The deal also gives Bournemouth the opportunity to make the move permanent. The club can sign Di Gregorio for around 12 million pounds, with a further 2.5 million pounds in potential add-ons.
Di Gregorio began his career in Inter Milan's academy before gaining senior experience in Italy's lower divisions. He eventually established himself in Serie A with Monza and was named the league's goalkeeper of the year in 2024, earning a move to Juventus later that year.
Bournemouth director Tiago Pinto believes the Italian's experience will prove valuable to the squad.
"Michele is a goalkeeper with excellent qualities and valuable experience at the highest level," Pinto said. "He has consistently demonstrated his ability in Serie A and in European competitions, and we believe he will be an excellent addition to our squad."
Di Gregorio said Bournemouth's ambition and their desire to sign him convinced him to make the move to England.
"I'm very happy to be here," he said. "I felt the club's desire to have me here and I felt the ambition that this club has to continue to grow and do great things.
"The Premier League is the most beautiful league in the world. It's an honour for me to be here and to have the chance to play at such a high level."
