The 22-year-old was a free agent after leaving The Foxes this summer upon the expiry of his contract, and will play his football at Adams Park next season.
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The attacker made 17 appearances for Leicester last season as they were relegated to League One.
Thomas also spent time on loan at Wigan Athletic during the 2024/25 campaign.
His arrival is the fifth of the summer transfer window for The Chairboys, following the signings of Cauley Woodrow, Steve Cook, Conor Hazard and Matt Macey.