Munoz, who scored five goals in 17 games for Genk this season, has been desperate to move to the Eagles and went on strike from training earlier this month.
“It’s a pleasure for me to be here at such a historic club, such a big club as Crystal Palace,” he said. “I’m very excited, very happy, and I can’t wait to be on the pitch.
I’ve always worked to achieve this, and now I feel very, very, very happy and very excited.
“London is a historic city on a football level and that means a lot to me. My family and I are very happy to be able to come to this place and live in a city like London.”
After impressing for Genk, Munoz has become a regular for Colombia and he sought the advice of his international team-mate, Jefferson Lerma, about joining him at Palace.
“When I was asked if I wanted to come here, I asked Jefferson about the club, about the guys, about the facilities…. He gave me the best version of the club, the best of this institution. I think that was a point in favour of me coming here to Crystal Palace,” he said.
“Obviously, I know the club because I like to watch a lot of football… I watch a lot of the Premier League. I already had an idea of some of the players I'd seen on TV playing here at Crystal Palace.”