The 19-year-old impressed while turning out for an Ipswich XI against the Nike Academy on Monday.
Having done enough to convince Mick McCarthy that he is deserving of a shot at the Championship, the youngster put pen to paper on Thursday.
Mings has previously been on the books at Southampton and played alongside Alex Oxlade-Chamberlain in the Saints academy system.
"Tyrone has a pedigree of being at a club with his time at Southampton and through Russell (Osman) and Steve McCall, who became aware of him, we brought him here on Monday to have a look at him against the Nike Academy," said McCarthy.
"He played left-back. He's quick, he's 6ft 3in, he loves a tackle. He's only 19 but plays the game like a bloke. He's a good talker, organises and we're delighted to have him in.
"He's going to be in and around the squad pretty quickly if he shows everything he did on Monday.
"There is loads to work with. We are going to give him an opportunity and it will be great if it works out."
Mings added: "It's just been a crazy time really.
"This time last week I was working as a mortgage broker. Something I have been doing for nine months.
"Then I found out at the end of last week that Ipswich wanted me to come in and play a friendly. After the game the manager said he'd like to sign me and here we are. It's been a bit of a whirlwind.
"There have been a few clubs said to be interested but nothing has materialised until now. This is a life-changing opportunity for me and I've got to make sure I take it."