The Sicilian club cap a busy January by reinforcing embattled coach Gian Piero Gasperini's squad for Serie A survival
The Serie A strugglers completed the coup for highly-rated youngster and Italy international Fabbrini from Udinese, while Faurlin arrives on loan to add options to the Rosanero's midfield from QPR.
Argentina international winger Mauricio Sperduti arrives from Newell's Old Boys, meanwhile.
"Palermo announces it has reached an arrangement with Newell's Old Boys for the acquisition of Mauricio Sperduti," a statement on the club's official website read. "The player will sign a contract until June 2016.
"At the same time, Palermo announce they have acquired the rights to attacker Diego Fabbrini from Udinese Calcio, and Queen's Park Rangers player Alejandro Faurlin.
"The midfielder moves to Sicily with the right to redemption in favour of our club."
Faurlin had found himself on the fringes of Harry Redknapp's squad at Lotus Road, and his agent revealed the 26-year-old jumped for a switch to Serie A.
"Lately there has been less room due to the delicate situation of the English club,” Lucas Cominelli told reporters. "The player was wanted by other clubs, but Palermo were decisive.
"He is a technical midfielder, but the comparison with Andrea Pirlo seems an exaggeration however, as we are talking about a player from a different planet."