The six-Test Wallabies centre will begin training this week after confirming a two-year deal on Monday that's brought him home from English club Leicester.
A damaging ball carrier, the 29-year-old will add valuable experience in a side set to lose centres Hunter Paisami and Josh Flook to overseas clubs.
"I thought my journey was overseas and that was going to be me for the rest of my career," Perese, who played one game in Australia's 2023 World Cup campaign, said.
"In Australia, in Queensland, is where I want to be and excited is an understatement.
"It's an exciting time for rugby in Australia as a whole.
"The Rugby World Cup next year is obviously a goal but what comes first is playing good rugby here at the Reds.
"Playing for your country is the pinnacle.
"All I can do to get back there is solely going to come from doing my job to the best of my ability for Queensland."
The schoolboys sensation debuted for the Reds as a 19-year-old before leaving after 17 games to pursue an NRL career with Brisbane.
Charged with supplying a dangerous drug in 2019, he was sacked by the Broncos and returned to rugby with Bayonne in France's Top 14.
A move back to the Waratahs saw him hit top form and earn a Test debut in 2021 and he'll now get a chance to push for a recall under new Reds coach Vern Cotter.
"We are pleased to welcome Izaia back to Australian Rugby at a pivotal time for the game," Rugby Australia's high performance boss Peter Horne said.
"He is a powerful athlete who is experienced and motivated to contribute to Queensland and the wider Australian system.
"His signing reflects our focus on strengthening our depth and ensuring our best athletes are playing their rugby here in Australia."
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