Rafferty, 25, came through Liverpool's academy and joined Rochdale in 2012, making 255 appearances for the club.

"It's a big club in the Championship and I just can't wait to get started," Rafferty told BBC Radio Lancashire.

"I spoke to the manager and we had a chat. He told me how he likes to play and I'm looking forward to get going."

The move comes after Calum Woods left Deepdale to join Bradford City earlier on Wednesday.

Rafferty is North End's fifth permanent signing in January after Josh Ginnelly, Jayden Stockley, Brad Potts and Connor Ripley all joined.