Penney will return to the NBL four years after enjoying a stint in Spain and Turkey.
The 34-year-old was the league's MVP in 2009 and named in its All Star team four times. He led the New Zealand Breakers to the first of their titles in 2011.
Penney's signing completes a remarkable recovery for the Wollongong Hawks, who were placed in voluntary administration in May because of financial difficulties.
They have since reverted to their former name of Illawarra and retained their core playing group while adding championship-winning Perth coach Rob Beveridge and top-line players Penny, Kevin Lisch and AJ Ogilvy.
A prolific scorer in every league he has played courtesy of his lethal outside shooting, Penney's signing was hailed by Beveridge.
"To have the calibre of Kirk play for us is going to bring a lot of excitement to not only the Hawks but also the entire NBL," he said.
"Kirk has played all over the world and is the consummate professional."
Penney enjoyed a promising US college career at Wisconsin and had brief NBA stints with the Miami Heat and LA Clippers.
He played for New Zealand at the 2000 and 2004 Olympics and was also a pivotal part of the Tall Blacks team who placed fourth at the 2002 world championships.
"I'm excited to be joining the Illawarra Hawks family, the club is no doubt moving in the right direction and it will be a privilege to play ball for coach Beveridge while also helping the Hawks become a sustainable force in the NBL," Penney said.
Share
