Leicester City have completed the signing of Argentine striker Leonardo Ulloa from Brighton on a four-year contract.
Javier Saviola is targeting a move to England after agreeing to part company with Olympiakos.
Toni, 36, makes the newly-promoted Serie A club the 15th destination of a 19-year senior career that includes notable spells with Palermo, Juventus and Bayern Munich.
Fiorentina became the only club to employ Toni for a second time when he returned to Tuscany last summer but, after scoring eight league goals in 27 league appearances in the 2012-13 campaign, he has now opted to join Andrea Mandorlini's cause at the Stadio Marc'Antonio Bentegodi.
A statement published on hellasverona.it read: "Hellas Verona have acquired the sporting rights of Luca Toni. The striker, born in 1977, has signed a one-year contract."
Toni scored 16 goals in 47 appearances for Italy and was part of the World Cup-winning squad of 2006. His club honours include a Bundesliga title and German Cup with Bayern and the Serie A Golden Boot for his 31-goal haul for Fiorentina in the 2005-06 season.
The Gialloblu have already signed midfielder Massimo Donati from Palermo and defender Alejandro Gonzalez from Penarol in preparation for a first top-flight outing since 2002.
Today also saw Hellas confirm the signings of defenders Francesco Zampano, Filippo De Col and goalkeeper Daniele Borra - a trio of youth prospects from Lega Pro club Virtus Entella.
Toni admitted the challenge on offer in Verona tempted him to sign up for pre-season training instead of enjoying an extended summer break.
He told his new club's official website: "I've signed now and I'm looking forward to next week. I'll start getting to know my new team-mates and looking forward to a great season.
"I think I've had a good career and I'm satisfied with what I've done, so if I keep on going like this then it's because I've still got that desire. I'm excited by the challenge and I just want to keep on having fun.''