Buonanotte joined Malaga from River Plate two years ago, but is now ready to move to Serie A after attracting interest from other clubs.
Palermo are in talks with Malaga regarding a deal and the Argentinian believes joining the Italian side will be a positive step in his career.
"I have accepted with great enthusiasm the interest of Palermo," the 24-year-old told calciomercato.it. "I'm aware of the negotiations between the two clubs and I'm awaiting a response.
"I have received offers from Mexican and Spanish clubs but my preference is Palermo, I am eager to prove myself in a challenging league like Serie A.
"I know Javier Pastore very well and I know how good he did in his experiences with the Rosanero and my hope would be to give Palermo fans a lot of joy.
"I spoke with (sporting director Pietro) Lo Monaco and I was very pleased by his words, his high esteem made me feel an important player.
"The Palermo experience could be very important for my career."