It is understood that Commons has agreed a three-and-a-half-year deal.
The 27-year-old winger earlier completed a medical at Ross Hall Hospital after Celtic had a bid believed to be in the region of £300,000 accepted by Derby on Wednesday.
Rangers manager Walter Smith had confirmed his interest in the player on Tuesday amid talks between his club and County, but the debt-hit Ibrox club lack the financial muscle to compete with their Old Firm rivals.
Commons was out of contract at Pride Park in the summer and had failed to sign a new deal despite lengthy negotiations.
He will now join former Nottingham Forest team-mate Neil Lennon's squad ahead of the Co-operative Insurance Cup semi-final against Aberdeen on Saturday.
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