The 22-year-old has signed an initial one-year deal with Ryan Lowe’s side following a successful trial at Deepdale, with the deal including an option to extend by a further 12 months.
The former Liverpool midfielder, who was released by the Reds at the end of last season, scored during Preston’s opening pre-season friendly against Bamber Bridge at the weekend.
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“I’m very excited for the deal to be done,” Woodburn said.
“Obviously I’ve been on trial for a week now and things have gone pretty well, so I’m buzzing to get started as a Preston player.
“Obviously when I got called and told I could come and train, I was buzzing. I wanted to show the gaffer what I could do, luckily I’ve earned a contract out of it.
“He’s tried to get me at his older clubs a few times and unfortunately things haven’t worked out there, but now we can work together and I’m a fan of how he plays football, so I’m really excited to get going.”
Woodburn joined the Seasiders on loan during the 2020/21 season, but made just 11 appearances and failed to score.
Neil Critchley, Blackpool’s head coach at the time, opted against extending his loan deal when it expired during the January transfer window.
Since then, Woodburn has made 31 appearances on loan with Scottish side Hearts, scoring once.
Having made his Liverpool debut at the age of 17, he’s previously spent time with Oxford United and Sheffield United.