Llorente has played as a full-back and winger in the past, and is the third Spanish signing of the off-season for the Wanderers having already brought in winger Alvaro Cejudo and striker Oriol Riera.
Llorente, 31, played with the likes of David Silva and Cesc Fabregas with Spain's under-17 side at the 2003 FIFA World Youth Championships.
Since graduating from Atletico Madrid's academy, Llorente played the majority of his career in Spain's second division with Xerez, Alaves and Tenerife as well as in the Greek first division for AEL Kalloni and most recently Platanias Chania.
Speaking to the Wanderers' website, Llorente said he was excited by the change.
"I’m so excited to be here, I want to say thank you to all the people from the club. It’s a big change but it’s something special for me,” Llorente said.
"I’m a player that works hard, I try to play 100% not only in games but also training. I want to win everything but we must take it step by step and game by game."
Goalkeepers: John Hall, Vedran Janjetovic, Jerrad Tyson
Defenders: Jonathan Aspropotamitis, Keanu Baccus, Jack Clisby, Robert Cornthwaite, Brendan Hamill, Raúl Llorente, Josh Risdon, Michael Thwaite
Midfielders: Kearyn Baccus, Roly Bonevacia, Chris Herd, Steven Lustica, Jacob Melling, Marc Tokich
Forwards: Mark Bridge, Álvaro Cejudo, Jumpei Kusukami, Oriol Riera, Brendon Santalab, Lachlan Scott, Jaushua Sotirio