Brighton have signed striker Sam Baldock from Bristol City on a four-year deal for an undisclosed fee.
Tottenham have signed Sevilla defender Federico Fazio on a four-year contract.
The Serie A side announced the move on their official website on Wednesday night, with Rovers doing likewise once the deal was ratified.
The Argentinian midfielder, who is under contract at Ewood Park until summer 2014, will remain with Palermo until June 30.
Formica, 24, joined Blackburn from Newell's Old Boys two years ago and has scored five times in 54 appearances.