Jovic, who progressed through the ranks at Red Star Belgrade’s academy, joined Benfica in February 2016 but mainly featured for the Portuguese club’s B team and made just one senior league appearance.
Renowned for being a wonderkid on Football Manager, Jovic is an exciting talent, with the 19-year-old having much time on his side to develop further.
Jovic told Frankfurt’s official website: “The level in Portugal is not comparable to this. I feel a huge anticipation and am incredibly grateful that the concord allows me to take this step.
Frankfurt chairman Fredi Bobic said: “We are happy that this loan has come about and we hope Luka will be quickly acclimatised.”
After finishing in eleventh place in the Bundesliga last season, Frankfurt will hope to fare better next time around.
The club have already made a host of signings this summer, securing deals for Gelson Fernandes, Danny Da Costa, Sebastien Haller, Carlos Salcedo, Marius Wolf and Jan Zimmerman.
They have, however, lost the services of several members of last season’s squad, with the likes of Guillermo Varela, Michael Hector and Shani Tarashaj having returned to their parent clubs following loan spells.