The 27-year-old will link up with the Warriors this summer subject to visa.
Most recently with the Jaguares franchise in Super Rugby, Cancelliere's electrifying combination of pace and footwork make him a constant thorn in the side of opposition defences.
A product of the Hindu club in Buenos Aires, he made his debut in Super Rugby in the 2018 campaign, before marking his first start for the club with a try against Melbourne Rebels.
The winger then played a key role alongside fellow new Warrior Domingo Miotti in the Jaguares' run to the 2019 Super Rugby Final, scoring five tries in 11 appearances for the Argentinian outfit.
Cancelliere's form at club level saw him earn the attention of the international selectors, making his senior debut for Argentina in an autumn international clash with England at Twickenham in November 2017.
In total, he has earned 10 caps for Los Pumas to date, including scoring against Italy on his first start for his country.
The flyer is also an accomplished 7s player, representing Argentina on the World Rugby 7s Series in 2015/16.
Away from the pitch, Cancelliere recently graduated with a degree in engineering.
On signing with the Warriors, Cancelliere - who is currently playing in the Súper Liga Americana de Rugby with the Jaguares - said: "I'm really excited to join the Warriors.
"I enjoy playing fun dynamic rugby and getting the ball in space, and Glasgow's play style will offer that to me.
"I'm looking forward to the experience."
Head Coach Danny Wilson added: "Sebastian is a quality player with plenty of international and Super Rugby experience.
"He's a quick evasive winger and his skill set will complement the style of rugby play at Glasgow.
"It's great to be able to add another skilled attacking option to our back three for next season
"We look forward to welcoming him to Scotstoun in the summer."