The 32-year-old had recently been without a club but has previously played for Queen's Park, Partick Thistle, Hibernian, Kilmarnock, Stranraer, Ayr United and Peterhead.
Rovers boss Brian Reid told the club website: "I honestly think this is a massive coup for us. Having worked with Paul, I know the real quality he has. His intelligence on the pitch and his natural ability is second to none."
The Coatbridge club have also brought in 21-year-old former St Mirren forward Sam Jamieson, who was with East Kilbride last season.
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