The Gialloblu finally agreed to let the 23-year-old keeper leave after securing a replacement for the Italian international.
Buffon said after meeting Parma president Stefano Tanzi: "They are content that everything has gone well, for me to wear the shirt of Juve is a great honour."
21-year-old Internazionale keeper Frey will come to the Ennio Tardini as Buffon's successor, while Toldo seems set to end his eight-year association with Fiorentina and fill the young Frenchman's boots in the Nerazzurri side.
Buffon's move to the Stadio Delle Alpi was agreed last week but the move was delayed because Toldo refused to join Parma.
Jonathan Bachini will join Parma as part-payment for Buffon and Edwin van der Sar seems likely to join the midfielder on his way out of the Stadio Delle Alpi.
The Dutchman's Italian stay is expected to end with a move to Catalan giants, Barcelona.
