"Miguel Angel Russo, my former boss at Boca, rang me," Palacio told ESPN Radio. "He wants me at Racing.
"I'd like to go back to Argentina, where I have many friends, but it would be difficult for me to leave here because I play regularly with Genoa.
"In the future I'd be delighted to return," added the 28-year-old. "I miss the adrenaline of Boca Juniors, of playing at the Bombanera.
"I'd like to go back one day, but it isn't up to me."