The details of the deal have not been revealed by either club, but reports suggest the Serie A outfit paid a fee in the region of 13.5 million euros to land the Copa Sudamericana top goalscorer.
"I would like to officially announce we have signed (Eduardo) Vargas," De Laurentiis told Radio Marte.
"A few minutes ago, I was called by doctor De Nicola, who visited the player and gave a green light about his physical shape."
"We have signed the contracts, and we have beaten competition from very strong clubs to sign the player."
"This is evidence that we are always on the lookout for young talents from around the world who can help improve our squad."
The 22-year-old, who had been linked with Inter and Chelsea, forced his way into the Chile national team after some impressive performances, making six appearances under coach Claudio Borghi in 2011.
Vargas was the top scorer in this season's Copa Sudamericana, with 11 goals for the competition, including three in Universidad's 4-0 aggregate triumpg over LDU Quito in the final.
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