Soak the raisins or dried fruit (not candied fruit). Place the raisins or dried fruit in a small bowl and cover with boiling water. Set aside the soaking fruit until ready to use them.
While the yeast is foaming and the dried fruit is soaking, in a large bowl add the dry ingredients: 3½ cups flour, sugar, lemon and orange zests, and salt. Stir well.
Melt the butter either in the microwave or on the stove top and set aside to cool down to below 115˚F / 46˚C but still melted.
While the butter is cooling, make a well in the center of the flour mixture.
Pour the activated yeast sponge in the flour well center. Then add the slightly cooled, melted butter, eggs, vanilla and almond extracts.
Using a heavy-duty spoon or spatula, begin mixing the flour into the well with the wet ingredients. Continue to stir until combined. The dough should be dense, wet, and shaggy.
Prepare a floured surface on which to knead. Scoop dough out onto the surface and knead adding in only enough flour to prevent the dough from sticking. Continue to knead for about 8 minutes until the dough is smooth is pliable.
Form the dough into a ball and place it back into the large bowl sprayed with cooking spray. Cover the bowl with plastic wrap also sprayed with cooking spray. Set the bowl in a warm area for about 1½ hours or until doubled in size.
In the meantime, drain the raisins (or dried fruit), pat dry with a paper towel, and set aside.
Preheat the oven to 350˚F / 177˚C.
Turn the dough out onto a floured work surface and knead for an additional 2-3 minutes. Roll out the dough into a rectangle that measures roughly 14" long x 12" wide (like you're making cinnamon rolls).
Place the raisins (dried fruit), candied fruit, and the final ¼ cup flour into a bowl and mix well to coat. Pour the mixture into a strainer to shake off excess flour.
Scatter the fruit mixture onto the rectangle dough and slightly press the fruit into the dough.
Roll up the dough like a cinnamon roll starting at one long side to resemble a long log.
Then, roll one end up like your making 1 large cinnamon roll (also looks like a snail). Manipulate the dough into a ball so that the creases are sealed and the fruit is under the dough. You can also clasp your hands lightly behind the ball of dough and gently pull the dough towards you with your hands, letting the dough scrape against the work surface. Repeat this process until the dough forms a smooth, round ball on all sides. This should seal all edges of the dough and create a firm, nicely round ball. If some fruit pulls through the dough, just add it back in as necessary.
Place the ball into a Panettone form and on a cookie sheet for stability. If you don't have a Panettone parchment paper form, you could also use a round casserole dish, a Dutch oven or a 10-inch round cake pan with high sides.
Cover the dough with plastic wrap sprayed with cooking spray and set it in a warm area to rise. It will take 2-3 hours. The dough should rise to, if not, above the Panettone form sides.
Place in the 350˚F / 177˚C preheated oven for 30 minutes. After 30 minutes, place foil on top of the loaf to prevent it from overbrowning and decrease the temperature to 325˚F / 163˚C. Bake the Panettone for another 65 minutes. If you have a thermometer, check that the internal temperature is 190°F / 88°C before you remove the loaf. Set the baked Panettone aside to cool for 1 hour before slicing. Cut the Panettone into wedges and serve.