The 27-year-old will join the club for the rest of the A-League season and could make his debut on Friday against Adelaide.
Caceres was released by Central Coast Mariners.
“To make the play-offs we need to add depth to the squad and Adrian, who has a championship-winning pedigree with Melbourne Victory, will add attacking flair to the team,” Phoenix chief executive Tony Pignata said.
“He’ll join us in Wellington on Wednesday and, all going well with the medical and fitness tests, he’ll be in consideration for Friday night’s game against Adelaide at Westpac Stadium.”
