Hi! I need to create a circular button with holes so that when I click on it maximizes and turn into a palette so i can rotate and choose any of the icons in its holes (5) 
In a on click event script, you can run a coroutine to do what you want. Or you can look into the free tweening kits on the asset store such as: LeanTween, DoTween, iTween. All are free. All are great.