The Hamburg-born completed a four-and-a-half-year move from Leicester City on Friday after struggling for first team football at King Power Stadium.
He had been linked to West Brom and Aston Villa.
“I was at Leicester for many years and I think the time was right to move on and take my career onto a different path and I saw this opportunity come along to play for Crystal Palace and it was a no-brainer," Schlupp told his club's official website.
“Everyone knows how big the club is and you can see it is going places. It has quality players and a manager in Sam Allardyce who is known for doing well in the Premier League so it was an easy decision for me."
A day after his move, Schlupp made his debut for Palace, coming on as an 81st minute substitute in their 3-0 defeat to West Ham United on Saturday.
“I enjoy playing anywhere down the left hand side, left midfielder or left-back," he said.
"I will play anywhere in the team that the manager wants me to play though as long as I am helping the side.
"It is easy to say that Selhurst Park has the best atmosphere in the Premier League for me, playing there is always something I look forward to and I can’t wait to bring my best attributes, pace and exciting the crowd and hopefully help the team get some results."
Schlupp joined Leicester at the age 11, and made 24 appearances as the Foxes won the Premier League title for the first time last season.
He, however, played only four league games this campaign, prompting a move away.