The fee and personal terms were settled last week but the deal was not finalised until after Giaccherini's wife gave birth to daughter Caterina.
Sunderland said on their website (www.safc.com) that he had signed a four-year deal at the Stadium of Light.
The 28-year-old, who has played 14 times for Italy, can be deployed as either an attacking midfielder or a left-winger and is the latest addition to a rapidly changing squad being assembled by new coach, Italian Paolo Di Canio.
Giaccherini began his career with Cesena and had loan spells with Forli, Bellaria Igea and Pavia.
He moved to Juventus in August 2011 and made 40 league appearances for the club, scoring four goals before making the move to Wearside.
He is the most expensive Sunderland acquisition so far this summer and follows the arrivals of Valentin Roberge, Modibo Diakite, Cabral, Jozy Altidore, Vito Mannone, David Moberg Karlsson, El-Hadji Ba and Duncan Watmore.
Sunderland are also reported to be close to signing Greek winger Charas Mavrias and Argentinian right-back Gino Peruzzi this week.
($1 = 0.6621 British pounds)
(Reporting by Mike Collett; Editing by Clare Fallon)
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