The 30-year-old had been available on a free transfer for a short period of time following his release from Reading.
He had been linked with a number of clubs, but he has now decided to reunite himself with manager Brian McDermott at Elland Road.
"Noel is a player that I scouted five years ago when he was playing for Dundee United," McDermott told the club's official website.
"We spent £500,000 on him at the time, and that was money very well spent. He's an infectious character and I'm sure he will engage Leeds United fans with his desire and determination, and never say die attitude.
"He will bring an awful lot to our squad on and off the pitch and I'm delighted he's chosen to come and play for Leeds."
Hunt scored 39 goals during 162 appearances for Reading.