Russell previously played seven games in for Renegades in 2014-15, which was his first stint at the BBL.
“I can’t wait to be part of the Big Bash League again this summer,” Russell said.
“I’m excited to be back in red, and will be doing everything I can to help the Melbourne Renegades start the tournament with a bang.”
Renegades General Manager James Rosengarten said Russell had been in their initial draft plans, and they did not hesitate to get him in as a replacement player.
“We are thrilled to have Andre Russell returning to the Renegades this summer,” Rosengarten said.
“Andre is one of the best T20 players in the world; he’s a proven match-winner and exactly the type of player we need. He adds to our team in all three facets of the game – his ability to clear the boundary, take wickets, and make things happen in the field.
“We had positive discussions with Andre throughout the draft process, and were always keen to try to get him back in red. With Liam’s availability changing after the draft, there was an opportunity to add Andre to our group, and we jumped at it.”
Melbourne Renegades squad: Nic Maddinson (capt), Zak Evans, Aaron Finch, Jake Fraser-McGurk, Sam Harper, Marcus Harris, Mackenzie Harvey, Akeal Hosein (overseas), Ruwantha Kellapotha (overseas), Liam Livingstone (overseas), Shaun Marsh, Jack Prestwidge, Kane Richardson, Corey Rocchiccioli, Tom Rogers, Andre Russell (overseas), Will Sutherland, Mujeeb Ur Rahman (overseas), Jon Wells