The Austrian was without a club after being released by Wolves earlier this month.
The 26-year-old joined Wolves from Austria Vienna in 2012 but played just three times during his spell at Molineux.
"In Georg Margreitter we have signed a player who strengthens us further and is flexible in the defensive part of the pitch," Nuremberg head of football Wolfgang Wolf told Vavel.
"He brings a wealth of experience and is someone who can take over as the leading player in the defence."
Margreitter has signed a one year deal at the Frankenstadion.