The 27-year-old was stretchered off early during yesterday's humbling 4-1 home defeat to Parma that left Juve eight points off the top of the Serie A table in fifth.
And they suffered a further blow with the news that Quagliarella's cruciate ligament has been torn, meaning he faces four to six months on the sidelines.
Toni is due to undergo a medical this afternoon before the official announcement of his signing.
The 33-year-old FIFA World Cup™ winner has scored three goals in 16 games for Genoa this season.
However, if his signing is a boost, there was worse news as Brazil midfielder Felipe Melo was banned for three games for his dismissal against Parma for kicking Massimo Paci in the face.