Campagnaro, capped 13 teams for his country, joins lock Geoff Parling (Leicester) and wing Olly Woodburn (Bath) who have already put pen to paper for the 2015-2016 season.
"I'm very excited and proud to be of the Chiefs", Campagnaro said on Thursday.
"At the moment, I'm trying to do my best and perform well with my current club, but at the same time I'm very impatient to start this new experience."
Exeter head coach Rob Baxter believes his new recruit will offer a bit of 'X-Factor' to his back division next season.
"Without doubt the Premiership is one of the most competitive leagues in Europe, so I'm really interested in challenging myself and trying to do my best", Campagnaro said.
Baxter has high hopes for a player who scored twice in his Six Nations debut against Wales in February last year.
Campagnaro's 2015 campaign hasn't been as glamorous however. It started with a home defeat by Ireland and he was then injured for the loss to England.