The Gialloblu also have the option to enter into a co-ownership agreement with the Rosanero for Ghanaian next summer, who made 20 appearances in Serie A last season
The Gialloblu also have the option to purchase a 50 per cent stake in the 20-year-old Ghana international next summer.
"Parma FC announce that they have acquired midfielder Afriyie Acquah from Palermo," a statement on the club's official website read.
"The Ghanaian player arrives on loan with the right of redemption by half and he is already at Levico Terme and available to coach [Roberto] Donadoni."
Acquah, who made his international debut in a friendly against Chile earlier this year, arrived in Sicily in 2010 from DC United of Ghana and was promoted to the Rosanero first team the following year.