The New Zealand-born 26-year-old scored two tries as reigning Super Rugby champions New South Wales Waratahs beat competition leaders Wellington Hurricanes last weekend, thumping his chest in celebration after each score.
Betham won his first Wallabies cap against New Zealand in 2013 and a second against Argentina last year and would probably have won more had he not aggravated a foot injury scoring a try against the Pumas.
"We have been looking to add to our strength in the back-three positions for next season and Peter is certainly able to do that," Leicester director of rugby Richard Cockerill said on the club's website.
"He is a big man at six feet four inches, a powerful runner with good pace, and he has been playing some good rugby for the Waratahs as well as reaching test status with Australia.
"He'll join us at the end of the Super Rugby season and we look forward to seeing him settle here ahead of the new campaign."
Australia looks set to lose a host of talent after the World Cup with former captain James Horwill, experienced back Adam Ashley-Cooper and scrumhalf Will Genia already signed up to move abroad and others expected to follow.
"It was a decision that I did not take lightly, having thoroughly enjoyed my time at the Waratahs and its success in recent years," Betham said.
"The opportunity to join a prestigious club such as the Tigers is very exciting and humbling."
On Monday, the cash-strapped Australian Rugby Union (ARU), which does not select Europe-based players for the Wallabies, announced a loss of A$6.3 million (3.25 million pounds) for 2014.
(Reporting by Nick Mulvenney, Editing by Peter Rutherford)
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