Penrith released 21-year-old Jesse McLean, who was contracted through 2028 and wants more NRL game time.
Canterbury has signed him for 2027 and 2028, with centre or wing positions available to contest.
Marcelo Montoya has retired; Bronson Xerri is joining Melbourne Storm, Jonathan Su'a is bound for Perth Bears, and Stephen Crichton may move into the halves.
McLean made his NRL debut in 2023 and has made only four appearances since.
He spent much of this year in NSW Cup, winning the grand final with Penrith before his final club game in the State Championship.
Canterbury football director Phil Gould said, "Despite only being 21-years old Jesse has built up valuable experience as an outside back since making his NRL debut in 2023,"
Gould added, "His ability to play in the centres and on the wing will not only add depth to the roster, but we also believe he can compete for a starting spot next season."