The forward had already been in negotiations during the January transfer window, but Bologna turned down the proposal.
According to Sky Sport Italia, TMW and Sport Mediaset, a deal has now been struck worth €9m.
It will see Diamanti move to China to work with Guangzhou Evergrande Coach Marcello Lippi.
The Chinese transfer window doesn't close until February 28, so it had been theorised Diamanti could play another three games before leaving, but that now does not appear to be the case.
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