He will once again spend a year on loan from Argentinian outfit CAI after all the necessary paperwork was completed on Friday.
General manager Brian Caldwell said: "We were always confident that Franco would be back playing for us again next season.
"But, with the paperwork involved and all the to-ing and fro-ing, I did sometimes wonder if it would all be signed and sealed in time for pre-season starting."
He added: "He adapted very well to the Scottish game last season and I'm sure he'll be all the better next season for that experience."