Rovers completed the signing of the highly-rated Argentine playmaker during the January transfer window of 2011 from Newell's Old Boys for an undisclosed fee.
A product of the Old Boys academy, the creative midfielder, who can also play further forward, was capped at youth level for Argentina before he made his club debut at the age of 18 and has since played for the Argentina 'B' team at senior level.
His arrival at Rovers saw Formica sign a contract through to summer 2014.
January 2013 saw the attacker join Italian Serie A side Palermo on loan for the remainder of the season.