The 23-year-old, who began his career in the Boca Juniors youth squad, has impressed for Banfield in recent months.
“Bertolo is a Palermo player. The deal is now done,” President Maurizio Zamparini told Radio Kiss Kiss.
“Now [Director of Sport Walter] Sabatini will fly out to Brazil and Argentina to finalise other negotiations that are already at a very advanced stage.”
Bertolo is expected to cost Palermo around £3million.