The versatile full back will join the Lilywhites on a two year deal from 1st July following his release by the Terriers.
Woods has earned two promotions in his career to date with Dunfermline Athletic and Huddersfield respectively and worked with the current PNE management team whilst in Yorkshire.
Speaking of the capture, Grayson said: “I worked with Calum at Huddersfield and he is a real good lad.
“He is a versatile player and can play in either full back positions, centre back and even in midfield if asked to do, so when I saw that he was available, I just felt he was a good acquisition to have in the squad.”
During his three years at Huddersfield, the 27-year-old made 81 appearances for the Club before agreeing his move to Deepdale.
Woods, a former Liverpool Academy product, moved to Scotland with Dunfermline following a successful trial after learning his trade at Anfield, before signing for Huddersfield on a free transfer in 2011.