The 22-year-old joins from college team Georgetown University in Washington, where he scored 11 goals and got five assists during their championship campaign. The move is subject to international clearance.
Montes has represented the United States national team at U19 level.
Speaking to Palace TV, he said: “I’m extremely excited, it’s always been my dream to become a professional soccer player since I could walk. To have signed for a Premier League club is incredible.
“I grew up in south Florida and played youth football there, I went through the college system, so I played for Georgetown University for four years.
“I play centre-attacking mid, or anywhere through the midfield really, left or right. I’m an attack-minded player, I’d like to say I’m creative on the ball.
“[The things I’ve noticed between football in England compared to America is] the intensity and the speed of the play. Everything about it is really high standard.
“I want to try and make a good impression and do whatever I can to perform at the highest level.”
Palace chairmen Steve Parish said: “We’ve been really impressed by Jacob and we welcome him to the club.”
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