The 21-year-old was near becoming a member of the Eagles final summer time however they as a substitute opted to usher in Blues team-mate Michy Batshuayi on a brief deal.
Now Gallagher has sealed a transfer to Selhurst Park and turns into new boss Patrick Vieira’s fifth signing.
He stated: “I’m buzzing to be right here. I can’t wait to get began, I’m pleased to get the deal over the road.
“I spoke to the supervisor, I appreciated what he stated, I appreciated how he needs to play, how he needs me to play and the way he needs the staff to play. I really feel like I can be taught from him and the gamers round me.”
Gallagher spent final season on mortgage at West Brom the place he made 32 appearances and impressed for each Charlton and Swansea through the 2019-20 marketing campaign.
Chairman Steve Parish added: “I’m delighted Conor has chosen to return to Crystal Palace on a season-long mortgage after some spectacular performances within the Premier League final season.
“We very a lot stay up for him becoming a member of the squad as we proceed to construct in the direction of the brand new season.”