After a great deal of travelling throughout his career, Panucci finally settled at Roma. He joined the Roman club in the 2001–02 campaign, the year after the "Giallorossi" had won the national title, and immediately won the 2001 Supercoppa Italiana. He went on to become a key player and one of the leaders of the club, and was the team's permanent starting right-back. In July 2002, he was signed permanently for €9.81 million.