Wright joins Deepdale with considerable pedigree having played for England, Arsenal, Everton and Ipswich.
"I spoke to the manager and the chairman and the club wants to go forward," Wright told the club's official website.
"You can see the signs of the amount of signings that have come in that I wanted to be part of a team that's going to be winning things."
"I didn't want to come there just to carry on my career, I wanted to carry on winning.
"I've been fortunate enough to win things in the past and I want to win things in the future. I want to be on that pitch playing week in, week out and make sure that we get Preston back up to where they belong."