Four palladium chelate complexes with S‐ or Se‐containing substituted salicylaldehyde Schiff‐base derivatives have been synthesized. Spectroscopic and crystallographic data indicate that, in the complexes, the deprotonated salicylaldehyde ligand is bound to the metal in an O,N,S (or Se)‐terdentate coordination mode, forming one six‐ and one five‐membered chelate ring. The complexes are thermally and air stable and efficiently catalyze the Suzuki–Miyaura cross‐coupling of aryl bromides with phenylboronic acid in air.(© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2006)