The potentially tridentate ligands 2,2′:6′,2"‐terpyridine (terpy) and 2,6‐bis(diphenylphosphanylmethyl)pyridine (PNP) have been used to prepare novel palladium−allyl complexes of general formula [(terpy)Pd(CH2CHCRR′)](BF4) [R = R′ = H (1); R = H, R′ = Me (2); R = R′ = Me (3)] and [(PNP)Pd(CH2CHCRR′)](BF4) [R = R′ = H (4); R = H, R′ = Me (5); R = R′ = Me (6)], which were characterized by elemental analysis, IR spectroscopy, and 13C, 31P and variable‐temperature 1H NMR spectroscopy. The low‐temperature 1H NMR spectra show that the configuration of the complexes in solution depends strongly on the nature of the ligand. The terpy complexes 1−3 are η3‐allyl species, where terpy is dihapto and one pyridine ring remains uncoordinated, whereas the PNP complexes 4−6 occur as η1‐allyl compounds with a trihapto PNP ligand. All complexes are fluxional through η3‐η1 exchange processes. Energy barriers of 47.5−48.6 kJ·mol−1 (243−262 K) are reported for the interconversion of terminal allylic protons (complexes 2−4). ΔG‡ is higher (71.1 kJ·mol−1 at 350 K) for the interconversion of the methyl groups in complex 6. A lower‐barrier oscillatory mechanism involving terpy (ΔG‡ = 43.9 kJ·mol−1 at 231 K) is also involved in complex 1. The X‐ray structures of complexes [(η3‐terpy)Pd(η1‐C5H9)](BF4) (3a) and [(η3‐PNP)Pd(η1‐C4H7)](BF4) (5a) are reported; the structure of 3a corresponds to a species that is not observed in solution.