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The GFA on Friday announced the disqualification of the bankroller of Tema Youth FC for breaching Article 33 (5) (c) of the GFA regulations which relates to player transfers.
However, in a statement posted on his Twitter handle Friday evening, Mr Palmer said he will challenge the decision of the GFA vetting committee to declared him unfit for the presidential race.
According to him, he did not "commit any infractions" as alleged by the GFA's vetting committee.
He has up to Monday, October 7 to submit his appeal.
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As it stands now, the number of aspirants for the GFA presidency has been reduced to six, with only Palmer as the casualty.
Palmer's disqualification comes days after he launched his manifesto promising to commit $90 million to fund football.