The 19-year-old joined Les Parisiens for £8m during the summer transfer window following a promotion-winning Serie B campaign with Pescara.
Verratti has settled in well at the Parc des Princes, earning a call-up to Cesare Prandelli's Italy squad for the World Cup qualifiers against Armenia and Denmark.
"My primary aim is to do what Carlo Ancelotti says," said Verratti. "He gives me so much advice, off the field too.
"He is like a father to me and is a really great person. I will be grateful for the rest of my life for the chance he has given me."
The midfielder's playing style has been likened to that of current Azzurri star Andrea Pirlo.