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Binks has risen to prominence in recent months, having originally joined Impact in February. Prior to his time with the club, he was a member of Tottenham's academy, having joined in 2007 at the age of six.
Despite featuring extensively for Spurs' Under-23 side and getting the chance to train with the first team under Jose Mourinho, Binks moved to Canada in February in search of first-team football.
The 18-year-old defender also started all four matches at the MLS is Back tournament, having established himself as a regular under new manager Thierry Henry.
“I came here to play football, I didn’t come here to do anything else,” Binks told MLSSoccer.com back in March. “Obviously I had to work hard and it wasn’t gifted to me. The two games I had in preseason, I tried to show what I’m about and I have to continue to play well because nothing is a given.
“Some could see why I’ve done it, but some were saying, ‘Why has he done that?’ I’ve got no regrets about coming to play first-team football at the age of 18. It’s better than playing Under-23 football in front of, I don’t know, 200 people.”
Both Bologna and the Impact are owned by Joey Saputo, with the Canadian purchasing the Italian side in 2014 after bringing MLS to Montreal in 2012.
As part of the deal, Binks will remain with Impact on loan until 2021.
“Thierry Henry and Olivier Renard believe in him. Acquiring him after arriving from Tottenham is a great addition,” said Bologna FC and Montreal Impact global sporting director, Walter Sabatini.
“We had an opportunity to see his quality last winter during his first four games with the Impact and more recently in Florida, and we’re excited for him to join us.
"This transfer once again demonstrates the synergy between the two clubs and the new philosophy in place in Montreal.”