Blackpool had an initial offer turned down on Wednesday for Pitman, who scored 28 goals as Bournemouth won promotion from League Two last season.
He joined the Cherries in 2004 and has scored a total of 62 goals in 197 appearances.
The Jersey-born player also notched a hat-trick in the 5-1 win over Peterborough on Saturday.
Some young players are monsters - Holloway
Cherries chairman Eddie Mitchell told the Tangerines when rejecting their initial offer that it was "not a million miles away" from what the Dorset club would accept.
The Seasiders have managed to seal one recent deal, with Israel defender Dekel Keinan joining from Maccabi Haifa on Wednesday.
He joins utility player Chris Basham, striker Marlon Harewood, French trio Ludovic Sylvestre, Elliot Grandin, Malaury Martin and defender Craig Cathcart in making the move to Bloomfield Road since May's Championship play-off victory over Cardiff.
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