The Italian version of the show, called Top Gear Italia, will be produced by Sky Italia and will be broadcast on the pay TV channel, Sky Uno.
The show will be presented by Italian motoring journalist Guido Meda, alongside the Italian-American restaurant entrepreneur and car enthusiast, Joe Bastianich.
Bastianich is already a well known face on Italian TV screens, being a presenter on both the Italian and American versions of popular cooking show, Masterchef.
Top Gear is currently broadcast in 212 territories around the world, but Italy will become only the sixth country to make its own version of the show following France, China, South Korea, Russia and Australia.
Top Gear is one of the most profitable shows produced by the BBC, and earns around €70 million a year for BBC Worldwide, the main commercial arm of the BBC.
Both the original BBC version of the show and the magazine are already highly popular in Italy.
The executive vice-president of western Europe for BBC Worldwide, Tobi di Graaff, said that he hoped the new Italian show could build on that success.
"Adding a local version to the mix in a country steeped in motoring history will be great for Italian audiences," he told The Guardian.