Per league and club policy, terms of the deal will not be disclosed.
"Lovel is a versatile player who we're excited to add to our roster," Real Salt Lake General Manager Garth Lagerwey said. "He's a proven player on both the MLS and international levels and we believe he'll be a good fit in our system."
Palmer, 28, last played for the Portland Timbers, making 19 MLS appearances - including 15 starts - for the Cascadia club in 2012. He signed with MLS in 2010, joining the Houston Dynamo from Jamaican club Harbour View. Palmer, who was traded from Houston to Portland in the middle of the 2011 season, has three goals and two assists in 79 career MLS appearances.