The 31-year-old former Togo frontman was released from his contract at Tottenham in September, and will join the Eagles until the end of the season
Adebayor first moved to the Premier League when he joined Arsenal from French side Monaco, and left for Manchester City in a Â£25million deal during the summer of 2009 before loan spells at Real Madrid and Spurs ahead of his permanent switch to White Hart Lane in August 2012
Palace lost 3-1 at home to Tottenham on Saturday, which was a fourth straight Premier League defeat for Alan Pardew's side, who had enjoyed a bright start to the campaign.
Adebayor's arrival will give the Eagles boss some much-needed cover in attack, with the likes of Dwight Gayle and Yannick Bolasie both struggling for match fitness, while Connor Wickham is facing a potential three-match suspension after being charged by the Football Association for an alleged ebowed in the face of Spurs defender Jan Vertonghen.
Since leaving White Hart Lane, Adebayor has been continuing his own personal training programme in a bid to remain sharp ahead of any potential move, which is expected to see some of the reported Â£100,000-a-week wages for which Tottenham were still liable under the terms of his contract offset following the Palace deal
Adebayor decided against joining Aston Villa during the summer, while West Ham were also said to be keen on recruiting the forward on a short-term basis
Palace assistant boss Keith Millen, meanwhile, remains confident the south-east London club can get the best out of Adebayor, whom on his day remains a potent Premier League striker
"We have a good group of players at this club and I would like to think we could deal with anyone," Millen said to the Croyden Advertiser
"It is the environment really - if it is the right environment then you can maybe get the players who may have been difficult before to be decent."
Palace host Stoke in the FA Cup fourth round on Saturday, which could see Adebayor make his debut.
Source : PA