The versatile 22-year-old has signed a one-year-deal at the Globe Arena after being released by The Shrimps’ Lancashire rivals.
Wakefield, who came through the ranks at home-town club Doncaster Rovers, can play across the backline or as a holding midfield player.
Boss Jim Bentley said: “Liam is a promising young defender who did well for Accrington in the early stages of last season before picking up an injury and we look forward to welcoming him into the squad.
“He is young and keen to do well.
“I have been impressed with his attitude and I am looking forward to working with him.”
Wakefield, who started nine games for Accrington, joins fellow former Stanley defender Dean Winnard and Burnley left back Luke Conlan as new faces at the club this summer.