The winger was part of Unai Emery’s squad in pre-season, taking part in the tour of the United States but was unlikely to be a part of his plans for what will be a momentous season for the club.
The deal does not include an option to buy, so the 20-year-old is expected to return to Aston Villa at the end of the season.
Iling Jr, a former Chelsea winger, has played 36 games in Serie A, scoring two goals and providing three assists in his time at Juventus where he also lifted the Coppa Italia last season.
Bologna released a short statement on the move.
“The fourth British player in Club history, he is an offensive winger capable of playing on either side.
“Extremely quick, explosive, gifted with a skill for powerful acceleration on the ball and dribbling capabilities, he knows how to build an advantage and is dangerous from a distance.
“With a notable athletic and aerobic capacity, his style of play consists of continuous runs and one-to-one plays that often bring him into the opposition box where he also manages to make an impact in terms of assists.”