PHP ver 5.4.24 does not support this function (it has not been defined). To get rid of this, you must copy image resource to new image created by function imagecreatetruecolor();

Example with image loaded from GIF file:

$image  = imagecreatefromgif("path/to/gif/file.gif");  //create an image from GIF
$width  = imagesx($image);                             //get width of source image
$height = imagesy($image);                             //get height of source image
$image2 = imagecreatetruecolor($width,$height);        //create new image of true colors with given width and height
imagecopy($image2,$image,0,0,0,0,$width,$height);      //copy source image to new one

header("Content-Type: image/jpeg");                    //set header for JPG image
imagejpg($image2);                                     //render JPg image into browser

imagedestroy($image);                                  //free up memory
imagedestroy($image2);

here the working version of walf's solution

<?php
// Backwards compatiblity
if (!function_exists('imagepalettetotruecolor')) {
    function imagepalettetotruecolor(&$src) {
        if (imageistruecolor($src)) {
            return true;
        }

        $dst = imagecreatetruecolor(imagesx($src), imagesy($src));
     
        imagealphablending($dst, false);//prevent blending with default black
        $transparent = imagecolorallocatealpha($dst, 255, 255, 255, 127);//change the RGB values if you need, but leave alpha at 127
        imagefilledrectangle($dst, 0, 0, imagesx($src), imagesy($src), $transparent);//simpler than flood fill
        imagealphablending($dst, true);//restore default blending

        imagecopy($dst, $src, 0, 0, 0, 0, imagesx($src), imagesy($src));
        imagedestroy($src);

        $src = $dst;
        return true;
    }
}
?>

The backwards compatibility example does not preserve transparency. You must first wipe out the default black background on the new image:

<?php
// Backwards compatiblity
if (!function_exists('imagepalettetotruecolor')) {
    function imagepalettetotruecolor(&$src) {
        if (imageistruecolor($src)) {
            return true;
        }

        $dst = imagecreatetruecolor(imagesx($src), imagesy($src));
        
        imagealphablending($dst, false);//prevent blending with default black
        $transparent = imagecolorallocatealpha($new_image, 255, 255, 255, 127);//change the RGB values if you need, but leave alpha at 127
        imagefilledrectangle($dst, 0, 0, $imagesx($src), imagesy($src), $transparent);//simpler than flood fill
        imagealphablending($dst, true);//restore default blending

        imagecopy($dst, $src, 0, 0, 0, 0, imagesx($src), imagesy($src));
        imagedestroy($src);

        $src = $dst;
        return true;
    }
}
?>