The Irishman will take part in his first Grand Tour for Sky after joining Dave Brailsford's team during the Winter.
Deignan suffered a shoulder injury at the beginning of the season but has now fully recovered in time to take on the three week Giro, which starts in Belfast in May.
The 30 year old has ridden in the Giro three times before, but hasn't taken part since 2011 where he finished 47th in the overall classification.
The Sky rider one a stage of the Vuelta a Espana in 2009 and ended the race in 9th place, which is his highest overall finish in a Grand Tour.
Deignan is looking forward to riding in Ireland, especially in one of the Grand Tours.
He said, according to Sky Sports: "As soon as I heard that the Giro d'Italia was starting in Northern Ireland it was a goal of mine to be there, and racing there with Team Sky is a real honour for me.
"We're going with a good balance of youth and experience; we're all looking forward to it. Growing up in County Donegal I never dreamt of riding a Grand Tour here in Ireland and this is my chance. I'm going to relish every minute of it racing in front of my friends and family."
Joining Deignan in this years race will be Dario Cataldo, Ben Swift, Peter Kennaugh, Salvatore Puccio, Edvald Boasson Hagen, Bernhard Eisel, Sebastian Henao and Kanstantsin Siutsuo.
Team Principal Dave Brailsford believes the team have the opportunity to show how good they are.
Brailsford said: "The Giro d'Italia is a fantastic race and this year provides a great opportunity for the team to go out and really express themselves on the bike.
"We've brought together an exciting squad and we can't wait, not only for the start in Northern Ireland, but to perform in front of our Italian fans."
Deignan's Italian team-mate Cataldo admits the Giro d'Italia was one the main reasons he got in to cycling and he always looks forward to racing in his home country.
Cataldo said: "This will be my seventh appearance in the Giro d'Italia, so it is a race that has a place in my heart.
"The race has a great history in Italy and when I was growing up it was always a dream to ride in my home country.
"Without a doubt it was the race that inspired me to start riding a bike as a young boy, so for an Italian bike rider this is as good as it gets.
"We have a strong and exciting team going into the race and we're all looking forward to the challenge ahead. For me, going home to race is always a pleasure and I can't wait to get started."
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