Ibanez will also work as part of Wasps' academy coaching team in a deal that keeps him at the club until the end of next season.
The 35-year-old hooker retired from Test rugby earlier this term, having won 98 caps.
Ibanez said: "I still want some action as a player.
"I still have the fire for competition on the pitch, and I believe I can continue to be effective as a player.
"I am also very excited about the opportunity I have next season to get involved with the Wasps academy and do a bit of coaching.
"I had some options to consider from the French Federation, but I think they came too early for me.
"I need to get some experience first, and I can think of no better place to get that experience than at Wasps."