The 27-year-old returns to Scotland after helping AEK win the league title last season. Penrice previously enjoyed an outstanding 2024/25 campaign at Hearts, winning both the Players’ Player of the Year and Fans’ Player of the Year awards.
The full-back came through Partick Thistle’s academy before making his senior debut at 17.
He later joined Livingston permanently in 2021 after loan spells with East Fife and Livingston.
"It’s a bit surreal. It’s been a long time since I came through the building here as a youth player, but I’m delighted to finally get it done,” Penrice told the club media.
“It’s somewhere where at the start of my career I could only have dreamt of coming to play. It’s a dream now to get the chance to represent the club.
“I’ve been involved in Scotland for a while and you know what comes with the name.”