Prior to joining Jeonbuk last season, the 27-year-old had spells with Daegu FC and Jeju United with this being his first stint outside of Korea Republic.
“I am so happy to be joining the Western Sydney Wanderers,” said Jeong in a club statement.
“I am very excited to start my new chapter here, and I will try my best to live up to the expectations that the fans and club have for me. Thank you and see you on the pitch.”
Meanwhile, former AC Milan and Fiorentina player Giacomo Bonaventura has signed for Saudi Pro League side Al Shabab.
Head coach Vitor Pereira is assembling a strong team ahead of the 2024/25 season with the experienced 34-year-old adding midfield presence to a side that has also recently added Abderrazak Hamdallah to the squad.
Moves were also confirmed for Serbian forward Nemanja Jovic, who has joined Al Ittihad Kalba in the UAE Pro League, Brazilian Mikael switching from Kitchee SC to Emirates Club while Croatian Tomislav Strkalj has moved to Iran Pro League side Tractor SC.