He told the club's official website: "I'm delighted to be here. Leicester are a massive club and I'm glad to come out here and try and get some games.
"The league position speaks for itself, they have been flying this year and hopefully I can contribute during my time here."
Vaughan has struggled with various injuries over the past few years but is determined to get things back on track, adding: "I've had quite a few injuries over recent years but I'd like to think they are behind me now and that I can push on with the rest of my career, starting here at Leicester.
"Physically I'd say I'm at full fitness, but I haven't had many matches in the last few weeks. Hopefully I can have a few games and get back to full match fitness."