The 20-year old Colombian has joined from homeland club Deportivo Pereira after spending the second part of last year on loan at SKC.
"I am very happy to be here. I am happy to be back in the city and with my teammates again, now officially as a player for Sporting Kansas City," Medranda said.
"I am going to work hard and do what is best for the team."
Of the talented Medranda, who made one MLS appearance last season, SKC head coach Peter Vermes added: "Jimmy is a good, young talent with a lot of potential.
"It was a goal of ours to try to re-sign him at the end of this season as a Sporting Kansas City player as opposed to being on loan. We're excited to have been able to accomplish that goal."
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball