The length of the 24-year-old’s contract has not been specified, but he will be returning to the club where he made 38 appearances during a loan spell in the 2013/14 season.
Wisdom has agreed personal terms with Derby and will undergo a medical when he returns from holiday later this month, the club announced on their official website.
He becomes the second new arrival at Derby this summer after Rams boss Gary Rowett signed fellow defender Curtis Davies from Hull last week.
Wisdom has also had loan spells with West Brom and Norwich and spent time with Red Bull Salzburg last season where helped the Austrian club win the league and cup double.
Playing at right-back, he was part of the Derby team which reached the Championship play-off final under Steve McClaren where they lost 1-0 to QPR at Wembley.