After protracted talks between the two clubs, the 35-year-old left-back has finally agreed a two-and-a-half year deal to represent the Rosanero after spending four seasons with Napoli.
Aronica exchanges fifth place in the league table for 18th, with the Sicilian club struggling to escape the relegation zone having won just three games so far.
He told the club's official website: "I may have left a great club like Napoli but I've come here to pull on an important shirt that I'll be proud to wear.
"Palermo are not having a good time but the transfer window is open and the club is working hard to improve the squad.
"I will certainly make my own contribution and I can see a lot of enthusiasm in my new team-mates."
Palermo director of sport Pietro Lo Monaco also confirmed that ex-Liverpool defender Andrea Dossena is expected to follow Aronica from the San Paolo.
"There is an agreement with the Napoli player and it will be formalised in the next few hours," Lo Monaco said.
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