Inter says acquiring Cannavaro from Parma

Parma's Italian international defender Fabio Cannavaro is on his way to Inter Milan, according to a report on Inter's website on Wednesday.

Inter said that it was in the "defining phase" of the transfer but did not provide any other details.

Shortly afterwards, ANSA news agency reported the deal had been completed and Cannavaro was on his way to Milan to sign a contract.

"For Parma, this is a significant loss," ANSA quoted Parma player Marco Di Vaio as saying. "This squad will be left without last player of the old Parma that has won so many cups in Italy and Europe."

Cannavaro, 28, said he was leaving Parma three months ago but began training with the team in July after failing to secure a transfer.

Despite being one of the few success stories of Italy's ill-fated World Cup campaign, Cannavaro, one of the most highly-rated central defenders in the game, has suffered from Italian football's financial crisis.

Most of the top clubs in Europe were expected to scramble for his signature but that was before the full scale of the crisis became apparent.

Juventus and AC Milan had also held negotiations with Parma but deals had stalled over the transfer fee.