He will link up with QPR ahead of their opening Championship fixture against Portsmouth in August.
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"I'll now give everything I can for a successful season in the Championship before hopefully returning to Manchester a better goalkeeper," he added.
Club's Perspective
Manchester City Director of Football Hugo Viana welcomed Charles back, citing his rapid progress in South Yorkshire.
"Pierce is someone whose progress we have been following closely, and we are delighted to welcome him back to Manchester City," Viana said.
Viana emphasized that Charles's prior knowledge of the club will aid his integration into City's long-term plans.
"Pierce has already learned a lot during his time at Sheffield Wednesday but is still very young and hungry to now further progress and develop," he added.
The signing represents City's third acquisition of the summer transfer window, following deals for Mathys Detourbet and Elliot Anderson.
"We are very happy to have secured Pierce's signing and are excited to now help in his future career development," Viana said.
Before the deal was completed, Sheffield Wednesday sporting director Simon Wilson acknowledged the difficulty of retaining the ambitious young goalkeeper.
"It comes into that situation where it's a three-way thing.
As soon as we decided we want to keep him, he's got to want to stay and there might be offers that are out there that we at this moment in time can't compete with," Wilson said.
Wilson added that the club had to be practical when players receive opportunities to test themselves at the highest level.
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"These are young, ambitious guys that want to play at the top of their profession and sometimes you can't hold people back from that," he said.
