The forward, who has been perennially injured since he joined the club from Villarreal in 2013, has agreed to take home a smaller salary until June 2017.
Giuseppe Rossi has shown his love and loyalty for Fiorentina after accepting a reduced salary, according to his agent Andrea Pastorello.
Injury-plagued striker Rossi, who only recently returned from a 15-month layoff, agreed to reduce his wage with more incentives on Tuesday as he works his way back to top form and fitness.
The Italy international's contract, which he signed when he joined the club in 2013, will still expire at the end of the 2016-17 season
"In light of an understandable request on the part of the club, Rossi has shown his firm attachment to the club and the fans with a very unusual gesture in the current football landscape," Pastorello told Viola News.