Bamba, an Ivory Coast international centre-back, has signed a three-year deal at the Serie A new boys having most recently played for Trabzonspor in Turkey.
The 29-year-old started his career at Paris Saint-Germain and has gone on to represent Dunfermline Athletic, Hibernian and Leicester City.
"Palermo announces that an agreement has been reached with Souleymane Bamba," read a statement on the club's official website.
"The Ivorian defender, born in 1985, has signed a three-year contract with the club."
Full-back Palmieri has risen through the ranks at Santos and broke into the Brazilian outfit's first team in January 2012.
The 20-year-old has penned an initial loan deal with Palermo retaining the right to make the move permanent.
Palermo secured their return to Italy's top flight by winning the second-tier title last season and begin their Serie A campaign at home to Sampdoria on Sunday.
