Perese, 29, will return to his home state Queensland, after departing English side Leicester at the end of the 2025/26 season.
It will be his second stint at the Reds, having made his Super Rugby debut with the provincial side in 2016 and he played three seasons with them before a brief diversion to rugby league with the Brisbane Broncos.
A powerful centre renowned for his physicality and defensive work, Perese earned the last of his seven test caps during Australia's ill-fated 2023 World Cup in France before linking up with Leicester.
He said in a statement on Monday that he thought he would finish his playing career outside Australia but was excited to be coming home.
"It's an exciting time for rugby in Australia as a whole. The Rugby World Cup next year is obviously a goal but what comes first is playing good rugby here at the Reds," he said.
"Playing for your country is the pinnacle.
"All I can do to get back there is solely going to come from doing my job to the best of my ability for Queensland."
Perese will likely see an opportunity to break into Kiss's Wallabies squad, with outside centre Joseph Suaalii performing short of the expectations raised by his lucrative A$5 million contract to cross from the National Rugby League competition in 2024.
Nations Championship 2026
The inaugural Nations Championship will see six northern hemisphere and six southern hemisphere nations battle it out across six rounds in the July and November international windows before assembling in Twickenham for one unforgettable finals weekend on November 27-29.
Nations Championship fixtures | Nations Championship previews | Nations Championship standings | Nations Championship news | Everything you need to know about the Nations Championship | Where to watch the Nations Championship