Juventus also announced they will pay a €3.7m fee to register Ramsey.
Ramsey signed for Arsenal from Cardiff City in the summer of 2008 and despite having faced hardships in the initial parts of his career with the Gunners owing to injuries, the Wales global had grown into an integral part of the team in recent years.
The 28-year-old joined Arsenal from Cardiff City as an 18-year-old, and went on to become a central figure of the team, scoring their most important goal of the past decade - against Hull City to bring their nine-year trophy drought to an end.More news: Newborn rescued from storm water drain
Juventus are considered to be experts at exploiting the free transfer market, and have signed the likes of Dani Alves, Emre Can, Andrea Pirlo and Paul Pogba on pre-contract deals in recent years.
Ramsey will reportedly be second on the club's payroll behind Cristiano Ronaldo, who takes home an estimated $5.3 million per month before tax.
Arsenal then released a statement of their own to serenade their departing player and commending his contributions to the club.More news: Trump holds campaign rally in El Paso
"We look forward to Aaron helping the team to a strong end to this season before he joins Juventus in the summer", it read.
In a statement issued on his social media platforms, he wrote: "I wanted to issue a personal statement for all the Arsenal fans who have been extremely loyal and supportive".
"It is with a heavy heart that I leave after 11 incredible years in north London".More news: Kyler Murray is going all-in with football