Paracki has amassed almost 200 Croatian first division games across a 10-year stint and has represented Croatia at Under-19 level.
Most recently with Istra 1961, Paracki's previous clubs include Slaven Belupo, NRK Split and NK Karlovac.
The highly experienced defensive midfielder came through the ranks alongside current Serie A players, Nikola Kalinic from Fiorentina and Napoli’s Ivan Strinic.
Phoenix coach Darije Kalezic said the signing of Paracki is an ideal fit for his squad ahead of the upcoming 2017-2018 A-League season, which starts in October.
"Goran’s natural position is holding midfielder. He is hard-working, has a good mentality – a mentality that fits very well with the Australian and New Zealand league style. I think in Goran the fans will get a player they will really like," Kalezic said.
"He comes from a very good professional environment, on the ball he’s also a very technical player, which adds a lot of quality in the way that we want to play our football."
Paracki said he is excited about the opportunity of playing in the A-League and would like to make his current one-year deal 'a longer stay'.
"I've played most of my life in Croatia. But Darije called me and told me about his background, his project here at Wellington," Paracki said.
"I signed for just one season, but I am hoping that I can make this a longer stay."
The 30-year-old is due to train with his new Phoenix team-mates today after a successful medical.
