The 26-year-old has been signed for an undisclosed fee, subject to international clearance, on a three-and-a-half year deal
It is thought the fee is around £8million.
Swansea announced Paloschi's arrival on their official website and he becomes the club's first major signing of the January transfer window.
The former Italy Under-21 international will link up again with new Swansea head coach Francesco Guidolin after playing under his compatriot at Parma.
"I'm very happy to be here," said Paloschi on www.swanseacity.net
"I worked with Francesco for two seasons at Parma and we got promoted.
"When I received a call from my agent to tell me that Swansea were interested it was great, but even more so because of the manager - it makes a big difference.
"I know the situation of the club and, being a striker, I know the expectation is to score goals and I've come here to do that."
Paloschi began his career with AC Milan, making his senior debut in February 2008 under manager Carlo Ancelotti and scoring just 17 seconds after coming off the bench
He moved to Parma and Genoa before signing for Chievo in August 2011, where he scored 42 goals in 145 games including eight in 21 Serie A appearances this season.
Paloschi, who will wear the number nine shirt at the Liberty Stadium, added: "It's a great opportunity for me because every player wants to play in the Premier League.
"I have always wanted to experience playing aboard and it was my dream to play in this league.
"I watched Swansea when they played Napoli in the Europa League a couple of seasons ago and I know about the style of football here
The club has good facilities, a nice stadium and I've been told that the fans are passionate."
Source : PA
Source: PA