Bulgarian Petrov, who has been capped 90 times for his country, spent two years at the club between 1996 and 1998 - a spell in which he picked up league and cup winners' medals.
After leaving CSKA for Swiss side Servette, Petrov went on to play for Wolfsburg, Atletico Madrid, Manchester City, Bolton Wanderers and Espanyol before finding himself without a club earlier this year.
The 34-year-old had been training and playing with an amateur side in Manchester, but has now put pen to paper on a short-term deal at the Stadion Balgarska Armija.
"(I am) very grateful to the leadership of CSKA and to coach Stoycho Mladenov," Petrov said.
"He is the man who (has been) constantly calling me in recent months.
CSKA sit fourth in the A PFG, eight points off leaders Litex Lovech.
