The 25-year-old forward has spent the last two seasons with Manchester City, scoring 14 goals since his £22m transfer from Fiorentina in 2013.
His opportunities have been limited, however, and he started only nine matches in the Premier League last season.
He did not finish any of them and played a full 90 minutes for the club just twice in 2014/15, with his last appearance in a first XI coming at Everton on January 10.
A statement on the Manchester City website read: “Everyone at City wishes Stevan well for his time with Inter.”
Jovetic managed 11 goals from 44 appearances at City, with the highlight being his double in the 3-1 win over Liverpool at the start of last season.