Back to the homeland
Giaccherini has struggled since his initial £6.5million fee from Juventus three years ago, and injuries have proven to be the problem which has seen him make just 43 appearances for the Black Cats.
Giaccherini joined Bologna on loan last season and proved to be a success as he helped them avoid relegation.
Giaccherini has one year left on his contract at the Stadium of Light, and it is believed that the club would be willing to let the Italian leave for €2.5 million.
Giaccherini's wages could prove a sticking point for a permanent move, however, his agent Furio Valcareggi has said that he will be prepared to take a wage cut to move on.
Valcareggi told the Italian press that he "can't deny" that he has talked to "(Gianluca) Petrachi of Torino."
He continued saying that Giaccherini is "only focused" on Euro 2016 but has said that he is "pleased" to be linked with Torino.
In terms of the deal, Valcareggi said that Sunderland "want €2.5m" and are ready to "knock on their door" and "negotiate his exit" and that Giaccherini will be willing to "negotiate his salary" for a "nice project."
He continued saying that he is "very motivated" for the Euros and has the "confidence of (Antonio) Conte" to do well.
Desire to stay
His loan club, Bologna, have also stated their interest in the player, and back in May Giaccherini shared his desire to stay at the club.
He told the Italian press that he wants to "stay" in Bologna as it is where he "came back" to get back to "certain levels."