Gasperini, who was dismissed at the start of the month following a five-month spell with the side, has now made a return to the Stadio Renzo Barbera.
"We have regret considering Malesani is a good person and an excellent coach. We thank him for his efforts," read a Palermo statement.
"The decision made seems to be the only one to take in this difficult moment."
Palermo have now had three managers this season, with Giuseppe Sannino overseeing first-team matters from June until September of last year.