The 27-year old Argentine forward joined the Latics from Estudiantes for £6.5million in June 2010 but has failed to fire at the DW Stadium and will now head for his third loan spell since arriving in England to add to stints with Genoa and a temporary return to Estudiantes.
"We agreed a loan deal with Palermo and Mauro will go back to Italy where he had a spell with Genoa until the end of the season," said Wigan boss Roberto Martinez after Saturday's FA Cup win over Macclesfield Town.
"That was done this morning and that is the reason why he wasn't in the squad."
Since his move to Wigan, Boselli has made a total of 24 appearances in all competitions, scoring five goals which have all come in cup competitions.
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