Paloschi, 22, spent the last campaign at Chievo, scoring five Serie A goals in 32 appearances.
The 23-year-old Acerbi, meanwhile, joined Milan from Chievo earlier this summer but Genoa retained their rights to a 50 per cent co-ownership deal.
As a result the Ligurian club have exercised their right to recall him for the season, where he will play until the summer, when Milan will decide whether to keep him or sell him on.
Going the other way is young Ghanaian midfielder Isaac Cofie, who moves to Chievo on a co-ownership deal from Genoa as part of the Acerbi transfer.
Cofie, 21, spent part of last season on loan at Serie B side Sassuolo.