The former Rosanero man spent two seasons with the Sicilian side but has now moved away for a reported fee of €7.5 million, plus bonuses.
La Gazzetta dello Sport have revealed the fee, while Torino’s official club website announced the news that the deal had been signed after a days of speculation.
During his time at Palermo, Belotti played in the two top tiers of Italian football after winning Serie B in the 2013/14 season.
The 21-year-old scored 16 goals in his 64 games for the Sicilian club, who he moved to from Albinoleffe in 2013.
Belotti will wear the No.9 shirt while competing for the Italians.