The 31-year-old spent the first half of last season with Bolton before returning to Cardiff City, and he has revealed that the opportunity of playing regularly once again was too good to turn down.
"I enjoyed my spell here last season and I'm looking forward to working with the manager again, where we'll hopefully have a good go at promotion," McNaughton told the club's official website.
"I'm getting to an age where I want to be playing football and this is a good opportunity to get some games under my belt.
"I had a decision to make over the summer and my chances of first-team football there were pretty slim. I didn't want to be sat in the stands watching games, and I'm delighted Bolton came in for me."
McNaughton scored one goal in 13 appearances during his previous spell with the club.