The 32-year-old Argentina-born Italy international is a free agent after terminating his contract with Serie A side AC Milan by mutual consent last month.
Paletta visited the AC Milan training ground in midweek to bid farewell to his former teammates before heading to China to complete the move, Corriere dello Sport reported.
Paletta — capped three times by Italy — spent the 2006-07 season with Liverpool but made just three Premier League appearances.
Jiangsu Suning are coached by Italian Fabio Capello.
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