McGuire was first linked to the Dragons, and a reunion with his former Broncos coach Anthony Griffin, in the preseason but only secured a release to make the move this week.

It will also see him re-unite with former NYC teammates Ben Hunt, Andrew McCullough and Corey Norman in Wollongong.

One spot now remains in the Dragons' Top 30 for the 2021 NRL Telstra Premiership season following McGuire's signing.

"The club has made no secret of its desire to sign an experienced forward for our current campaign and Josh certainly fits this bill," Dragons general manager of football Ben Haran said.

"Josh's standing in the game, both at NRL and representative level, cannot be denied and he will certainly add plenty to our current squad.

"We're looking forward to seeing Josh hit the ground running at the Dragons upon his arrival to training later this week."

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Griffin confirmed the Dragons acquisition of McGuire on Fox Sports on Monday night, saying the 31-year-old will arrive with a point to prove.

"He's someone with experience, he's played for Queensland, he's played for Australia he's played a lot of finals football," Griffin said.

"He's an extremely tough competitor and he's probably under-performing where he is which puts him on the market. He comes, with all due respect, at the right price for us.

"I know what he brings to a team. It mightn't be really visible at the moment with where he is at the Cowboys but I'll think he'll be a great asset to the Dragons.

"We've already got a good pack there at the moment that's doing a good job but I think over the next two years he'll really add to that."

McGuire's signature comes days after the recruitment of Panthers forward Billy Burns via a player swap with Eddie Blacker.

It leaves one spot remaining in the Dragons top 30, which includes stood-down star Jack de Belin who returned to court on Monday for his re-trial on sexual assault charges.