Savona has completed his medical and his transfer to Trentside was swiftly announced for a fee of £11.25 million.
The 22-year-old Juventus academy product graduated into the first team setup for the Italian side at the beginning of last season.
He appeared 40 times for the club and started five Champions League games, including in the 2-0 win against Manchester City in Turin.
He is capable of playing across the back line but he was most often deployed at right-back.
In the Club World Cup against Manchester City, who were bidding for revenge, Savona started at centre-back, and he was forced to attempt to nullify Erling Haaland.
Savona had to receive medical attention in the 60th minute and has been sidelined throughout the summer with the ankle injury sustained in that contest in the United States.
He received his first senior national team call-up for Italy in November 2024 ahead of the country's Nations League matches under manager Luciano Spalletti.
This is a deal which has emerged out of the blue in recent days, but clearly Forest chiefs had been keen to pursue him as they narrowed down their shortlist.
While Lutsharel Geertruida from RB Leipzig became a serious target to provide a backup to Ola Aina at right-back, Savona had been monitored and was a more straightforward signing to get over the line it seems, especially given Geertruida's interest from Atalanta.
Forest had already done business with the 36-time Italian champions earlier in the window too when they secured Douglas Luiz on loan.
Nuno has been calling for a deputy to Ola Aina before the window shuts and Forest have fulfilled his wishes promptly.
Aina featured 35 times in the Premier League last term and his manager's recent comments suggest that any new arrival would not put the Nigerian international's starting place in too much jeopardy.
Forest's squad valuation even matches some of the established European giants now following their influx of signings, which is clearly a marker of ambitious ownership with the intent of competing strongly in the Europa League.
Ultimately, this transfer window has made Forest's squad unprecedented in depth in their bid to continue their upwards trajectory on the pitch from last season.
Regarding the new addition, Chief Football Officer at Nottingham Forest, Ross Wilson, gave his thoughts to the club's media team: "Nicolo gained great experience with Juventus last season, and we're really pleased he is joining us for his next step."
"He is a versatile player who will be another strong option in our defensive unit, and we are convinced he will continue to develop here at Forest. He understands the demands of playing for a big club and arrives here keen to make an impact straight away. We look forward to welcoming him to our group."