A novel NIR fluorescent probe for selective detection of palladium species is reported. The probe was designed based on the Pd(0)-catalyzed Tsuji–Trost allylic oxidative insertion reaction. DCM-1 exhibits high sensitivity and selectivity toward both Pd(0) and Pd(II) under reducing conditions. No significant changing of fluorescence spectra was observed during the introduction of other several kinds of metal ions. Moreover, the probe is little affected at the pH value range of 6–9 and has low cytotoxicity.