The 17th-century painting by Giovanni Francesco Barbieri, known as Guercino, had been snatched during a night-time robbery from a church in the northern Italian city of Modena in 2014.
It was recovered thanks to a wealthy Moroccan businessman and art collector, who was offered it for some 940,000 euros (USD 1 million) by three dealers in Casablanca, according to the local Gazzetta di Modena.
The connoisseur recognised the painting immediately as a Guercino and tipped off the police.
"The Moroccan authorities contacted us through Interpol to say that a large canvas that could be linked to a theft in Italy had been recovered during an investigation," the police said in a statement.
The police sent an urgent message back asking the Moroccans to "secure the canvas" so it could be returned "as soon as possible".
Barbieri (1591-1666), who was cross-eyed and went by the name Guercino (The Squinter), is known for his naturalist, Caravaggesque style.
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