The contract worth 35 million euros between DAT (Italian Army Ordnance Office) and the CIO (Consorzio Iveco OTO Melara) consortium of Iveco and Leonardo, was awarded in August 2019. On January 22, 2022, the first prototype of the upgraded tank was delivered for testing.

Modernization concerns mainly the power pack, chassis and weapons.

In terms of the fire control system, the tank is maximally unified with the Centauro 2 Wheeled Combat Vehicle. An Attila-D commander’s panoramic sight and a Lotar-SD gunner’s sight are installed, both with third-generation thermal imagers, a new ballistic computer, an all-round viewing system with output to monitors has been introduced, have been replaced communications, navigation equipment, a separate radio station was installed to communicate with the infantry located outside the tank. The electro-hydraulic drives of the main gun have been replaced with electrical ones with digital control. The system of NBC protection has been improved, new smoke grenade launchers have been installed. The tower received additional protection of a modular type. The 7.62 mm MG3 machine gun mounted on the roof of the turret was replaced by the 12.7 mm M2NV.

The engine has undergone modernization, it increased the working volume from 25.8 to 30 liters by replacing the cylinders, pistons and crankshaft, which increased the stroke of the cylinders. Due to this, the maximum power is increased from 1270 to 1500 hp, and the maximum torque - from 4615 Nm at 1600 rpm to 5800 Nm. During the upgrade, the engine is equipped with digital control and a common rail injection system from Bosch, in addition, a twin turbocharger, Webasto additional heaters for temperatures below -25°C, heated fuel filters and an aftercooler heat exchanger system are installed.

The new hydraulic transmission, manufactured by IVECO LG-3000 under license from the German company ZF, is being upgraded by installing a special kit supplied by ZF.

The suspension and rollers of the tank, the brake system have also been improved, new fuel tanks with new fuel lines, and a new FFE have been installed. To improve the cross-country use of new tracks with a width increased by 20%.

Frontal armor is reinforced on the hull, and anti-mine Kevlar bottom protection is also introduced.

As a result of the modernization, the combat weight of the Ariete AMV may increase from 53.8 to 57 tons.