Chochev, considered as one of the best young players in the Balkan country, scored seven goals in 45 matches since joining CSKA from Chavdar Etropole last year.
The 21-year-old has played 10 times for Bulgaria's under-21 team.
Palermo were promoted back to Italy's top flight after finishing top in Serie B.
(Reporting by Angel Krasimirov, editing by Pritha Sarkar)
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