Penrice had been linked with a summer switch to Tynecastle and has now committed his future to the capital club.
The former Partick Thistle ace had interest from a number of Scottish Premiership clubs and suitors in the English championship, but the Jambos have won the race for his signature. He'll make the short move along the M8 and play his football in maroon next term, with European football almost certainly on the Horizon as Steven Naismith's side look to tie up third place in the table before the end of the campaign.
Penrice is Hearts' second pre-contract capture so far. Ross County skipper Yan Dhanda has already agreed to head south from the Highlands and join the Jambos after impressing for the struggling Staggies. Lions boss David Martindale had been resigned to losing his man for free this summer, and admitted that he'd told Penrice Hearts would be a good move for the 25-year-old.
He said: "It's his decision. His representatives will do the best for him. If he has to sign a pre-contract and thinks that's right, I'll be more than happy because I trust James 100 per cent. It's not going to change my relationship with him. If James holds off to see what else is out there in the summer, including Hearts, I don't think that would be a bad option for him either.
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