Wood, 33, asked to be released by the Wolves and has now gone to sign a two-year deal at the Bigfellas Stadium.
He said: “I’m really looking forward to the challenge 2015 will bring to both Featherstone Rovers and myself. I had a number of options to remain in Super League or to move into the Championship but when I came over to Featherstone there was a good feel about the place which was amplified when speaking with Andy Hay and Chairman Mark Campbell.
“It’s a great place to play rugby league and whenever I’ve been here in the past we’ve always commented on how well the fans get behind the Rovers. I can’t believe they’ve actually built two stands!
“I’ve had a good pre-season with Warrington and now I can’t wait to get started in a Featherstone Rovers shirt, hopefully at Wakefield on Sunday.”
Wood made 339 appearances for Warrington after making his debut in 2000, and could make his first outing for Featherstone in their pre-season friendly against Wakefield on Sunday.
Rovers coach Andy Hay said: “Paul is an experienced forward who will bring aggression to our pack. He was looking for a fresh challenge and was impressed with the ambition that we are showing on and off the pitch at the club. He appreciates what we are trying to achieve at Featherstone and is eager to be involved and play a vital contribution to our future.
“He’s a tough player who does not take a backward step and has a very good off-load in his game. I think we will complement our other forwards and be a real asset for us in what will be a highly competitive Kingstone Press Championship.”