The 27-year-old, a member of Argentina's World Cup squad in 2014, joined English club Sunderland on loan last season but has not played a competitive game since March.
"Ricky Alvarez is a quality player... and has perfect technique," Sampdoria coach Vincenzo Montella told a news conference on Monday.
Alvarez could make his debut on Tuesday in a derby Serie A match against Genoa.
(Reporting by Bartosz Dabrowski and Agnieszka Slupska in Gdynia, editing by Ed Osmond)
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