"Signing Keith is something we had been looking at but, because of financial constraints, it did not seem possible," said Glens chairman Aubrey Ralph.
"However, one of our sponsors came in to save the day and now we have a player who has 86 international caps.
"Some of our players are astonished. Michael Halliday could not believe that Keith Gillespie will be running down the wing and crossing balls for him.
"It is a great lift for Irish League football and a brilliant opportunity for our young players at the club to learn from someone like Keith."
However, the move could well signal the end of Gillespie's 15-year international career.
When asked on Tuesday about the player's rumoured move to the Irish League side, Northern Ireland manager Nigel Worthington said it would not enhance his international prospects.
Gillespie began his career in England as a teenager with Manchester United where he was in the same FA Youth Cup-winning team as David Beckham and Ryan Giggs.
But he is best known for his spells with Newcastle United and Blackburn Rovers, as well as his performances for Northern Ireland with whom he was a definite fans' favourite.
Gillespie also had periods with Leicester City and Sheffield United, plus loans spells with Wigan Athletic and Charlton Athletic.
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