Lescott, who becomes the first signing of new head coach Alan Irvine, has joined with the option of his contract being extended for a further year.
Speaking about Lescott's move, Irvine said: "I'm delighted we've been able to agree a deal with Joleon.
"He's an England international and a proven Premier League player, who has been at the top level for a number of years.
"He's got Premier League and cup medals to his name and has had a fantastic career so far.
He's a great professional and he will add to a number of very good professionals already in the squad
"Full credit to the board and everyone at the club for getting this done as quickly and effectively as they did.
"I know Joleon and the type of personality and character he is, in addition to knowing what he can do as a player.
"He's a great professional and he will add to a number of very good professionals who are already in the squad."
Lescott, who won two Premier League titles at the Etihad, has racked up 538 career appearances to date, scoring 39 goals.
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