Cornell would be a free transfer after being released from Peterborough United this summer.
The 31-year-old, also known as Dai, was not first choice initially under then Posh boss Darren Ferguson last season and did not play against North End at Deepdale. Instead that was Christy Pym who after a fall out with Ferguson, was replaced by Cornell.
He went on to make 32 appearances for Peterborough as they were relegated from the Championship. He also did not play in the reverse fixture against the Lilywhites at the Weston Homes Stadium.
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The Welshman would be following Freddie Woodman through the door at Deepdale, having made a permanent move this week.
Woodman signed a three-year-deal at PNE and comes with pedigree, having recorded back to back play-off finishes at Swansea City as well as winning the golden glove in the Championship whilst on loan with the Swans.
Last season he joined AFC Bournemouth on loan in January and secured promotion with the Cherries, though he was only used in the cups.
Former Ipswich Town, Northampton Town and Oldham Athletic man Cornell would come in as a backup to Woodman, with the idea that he would also be challenging the new man for the no.1 spot should the 25-year-old falter.
It would be one position boxed off for Ryan Lowe, who in the space of a few days will have gone from having none to having his first and second choice sorted.