One highlight in the field of hadron spectroscopy is the recent discovery of unexpected charmonium-like X, Y, Z resonances. The nature of most of these states is still controversial and emphasizes the discussion on exotic states with gluonic degrees of freedom. The PANDA experiment, a core project of the future Facility for Antiproton and Ion Research (FAIR) at GSI in Darmstadt, will investigate antiproton annihilations with the aim to explore fundamental questions in the nonperturbative region of QCD. The PANDA detector, equipped with a fixed target and provided with a high quality antiproton beam in the momentum range between 1.5 and 15 GeV/c, is optimized for high precision measurements of hadrons with masses up to 5 GeV/c2 and in particular of resonances in the charmonium and open charm region. Due to the gluon-rich antiproton annihilation process, it is expected to observe exotic states and therefore to answer fundamental questions in this field. The physics program for the search for exotics is outlined and detailed feasibility studies are presented. Furthermore, strategies for the unambiguous determination of the quantum numbers of these states are discussed.