Palacio has not represented his country since June 2008, but has been handed a place in the 24-man team named by new coach Alejandro Sabella.
Manchester City striker Carlos Tevez remains a notable absentee, along with Javier Zanetti and Esteban Cambiasso.
Argentina begin their qualifying campaign against Chile on 7 October before taking on Venezuela four days later.
Goalkeepers: Sergio Romero (Sampdoria/Italy), Mariano Andujar (Catania/Italy)
Defenders: Pablo Zabaleta (Manchester City/England), Nicolas Burdisso (Roma/Italy), Federico Fernandez (Napoli/Italy), Martin Demichelis (Malaga/Spain), Nicolas Otamendi (Porto/Portugal), Nicolas Pareja, Marcos Rojo (both Spartak Moscow/Russia), Emiliano Insua (Sporting/Portugal)
Midfielders: Ever Banega (Valencia/Spain), Fabian Rinaudo (Sporting/Portugal), Ricardo Alvarez (Inter Milan/Italy), Jonas Gutierrez (Newcastle/England), Jose Sosa (Metalist Kharkiv/Ukraine), Javier Pastore (Paris St Germain/France)
Forwards: Angel Di Maria (Real Madrid/Spain), Nicolas Gaitan (Benfica/Portugal), Lionel Messi (Barcelona/Spain), Gonzalo Higuain (Real Madrid/Spain), Sergio Aguero (Manchester City/England), Rodrigo Palacio (Genoa/Italy), Eduardo Salvio (Atletico Madrid/Spain), Javier Mascherano (Barcelona/Spain)