The 23-year has spent the past 12 months in his home nation of Italy, where he made 34 appearances across the two half seasons.
While with Fiorentina, the striker scored four goals, three of which came in consecutive games following the Serie A restart in July.
As a Wolves player, Cutrone netted twice in 12 Premier League appearances, against Chelsea and West Ham United during the first half of the 2019/20 campaign.
Now, he returns to Wolverhampton and will link back up with Nuno Espirito Santo’s squad.