The Rosanero revealed on Monday that they had provisionally accepted Napoli's bid for Balzaretti, but club president Maurizio Zamparini had already acknowledged that the Italy international had his heart set on joing the Giallorossi.
The 30-year-old has now had his wish granted, putting pen to paper on a three-year contract with Roma before sealing a €4.5 million move to the Italian capital.
"Palermo announce that they have sold Federico Balzaretti to Roma," a statement on the Sicilians' official website read. "The full-back has moved to the company in a permanent transfer.
"President Maurizio Zamparini and the club would like to extend their thanks to Balzaretti, who has racked up 159 appearances and scored 3 goals in the Rosanero shirt, and wish him all the best in his future professional career."
Balzaretti, who represented the Azzurri at Euro 2012, had previously expressed an interest in joining Paris Saint-Germain this summer, while it is believed that AC Milan made a late bid for his services.
Meanwhile, Roma have also announced the acquisition of right-back Piris, who has joined on loan but with a view to a permanent €4m deal next summer.
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