The 27-year-old has 22 international caps to his name, the most recent of which came earlier this month, and is currently playing for French Top 14 club Bordeaux-Begles.
Peterson’s 6 foot 8 frame makes him a considerable line-out presence, the Australian-born player spending three seasons with Glasgow Warriors prior to moving to France.
The 122kg second-rower played 27 Pro 14 games for Glasgow and a further five in the Heineken Champions Cup, earning a taste of Premiership experience after featuring for Leicester Tigers during the 2014/15 season.
Newcastle Falcons director of rugby Dean Richards said: “Greg is a big line-out option for a rapidly-improving USA national side, and already has a wealth of experience at the top end of European club rugby.
“He gives us a real physical presence at the set-piece, and we look forward to welcoming him here next season.”
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