The Italian youth international has been on trial with the Premier League new boys for the past fortnight.
The 20-year-old had his contract terminated by the Italian giants earlier in the summer, and has since spent time on trial with a number of clubs in and around England.
Just last month, it was reported by the Independent that Leicester City were the favourites to sign Cannataro following a trial with the Midlands outfit, although Crystal Palace and Watford were also said to be interested in his services.
The player has since spent time on trial with Bournemouth, however, and following a successful period playing with the U21 team, it appears that Eddie Howe is keen to introduce the Italian to the club on a permanent basis.
As reported by the Bournemouth Echo, they maintain that Cannataro will be recruited on a one-year deal should the expected agreement be found. And should that come to fruition, he will become the club's tenth signing of the new campaign.
Bournemouth currently sit 16th in the Premier League, after winning just one of their opening five fixtures. Up next for them is the visit of fellow strugglers Sunderland, in what is set to be a high stakes game at the bottom end of the Premier League table.