Depor were keen to do a deal and bolster their promotion push, having fallen to Spain’s third tier over a number of crisis-hit years.
Perez played 96 games for the Galician club earlier in his career and was so determined to pull off the move he paid part of the transfer fee, as reported by AS, due to their lack of funds.
Having scored three goals this season, including a recent strike away to Real Madrid, the veteran striker is now out to help Depor secure promotion from the Primera Division RFEF with the team sat fourth in the table.
The club will present Perez at a press conference later today, after he bid farewell to Cadiz by saying he was following his “dream”.
“Cadistas,” he wrote. “I arrived a year ago with the clear objective of survival and we achieved it!
“I want to thank the fans, the club and the city for the love you have shown me during this time. I'm going to fulfill a dream! I will always wish you all the best, you deserve it!”
In three seasons in England, one of which was spent on loan in A Coruna, Perez scored seven goals for Arsenal and six for West Ham.