The 30 year-old will make the move after weeks of negotiations, with Huddersfield coach Ian Watson speaking to BBC Sport about the acquisition.
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“Ricky is an outstanding signing for us at Giants which [we] have been working hard on for a few weeks now,” he said.
“Ricky showed glimpses of his ability with his performances at Toronto last season and in his move to Melbourne Storm where he looked in phenomenal condition.
“He’ll certainly increase the quality and competitive depth in our outstanding back line and will be a player to watch in Super League in 2021.”
Leutele joined the Storm on a short-term deal after the Toronto Wolfpack withdrew from the latest Super League season.
“I spoke to Ian Watson the other night about the direction he wants to take the team and the club, what Ian described to me is something I want to be a part of, and I can’t wait to rip in with the boys,” Leutele said.
Leutele made just one appearance for the Storm in 2020, taking his total career games to 164.