Marouane Chamakh will sign a new two-year deal with Crystal Palace in the next 24 hours, Sky sources understand.
Torino president Urbano Cairo hopes that winger Alessio Cerci will be staying put despite interest from AC Milan.
The 30-year-old defender will bolster Graham Turner's defence after Jermaine Grandison was ruled out for six weeks with a hip injury.
Turner was delighted to add Edwards to his squad ahead of the transfer window closing.
"To get some with Rob Edwards' experience is a big boost to the squad and we are delighted to have Rob in join the squad," he told the club's official website.
"With Jermaine being out of action for a while we needed to bolster our defensive options."
Edwards began his career at Aston Villa, before going on to enjoy spells at Wolves and Blackpool.
His last senior appearances came for Fleetwood on loan before Christmas, where he played five times.