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The 19-year-old Germany under-20 international, who can play wide or through the middle, has impressed during Brescia's push for promotion to Serie A this season.
Subject to international clearance, he could make his debut in Wednesday's Premier League game against Hull City.
"We are delighted to sign Savio, particularly with the fierce competition for his services across Europe," chief executive Scott Duxbury told the West Ham web site
"He is an exciting prospect who Gianfranco Zola believes will prove a valuable asset for this club now and in the years to come.
"It is a significant investment and shows our determination to continue moving this club forward."
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