The 32-year-old arrives at Prenton Park after leaving Sky Bet League One side Sheffield United at the end of the January transfer window.
He featured for The Blades at the beginning of the season before joining fellow League One outfit Oldham Athletic on a three-month loan where he netted 5 goals in nine starts.
Higdon began his career coming through the Academy system at Crewe Alexandra, and was originally used as a midfielder before Dario Gradi converted him into a striker.
After leaving Crewe, he moved north of the border and in 2012/13, he picked up the SPL golden boot` after scoring 26 goals for Motherwell and was voted PFA Scotland players’ player of the year.
His previous clubs also include Falkirk, St Mirren and Dutch Eredivisie side NEC Nijmegen.
Manager Gary Brabin said: "I’m delighted that we are able to bring such an experienced and talented player as Michael into the squad.
"He is a local lad who fits the bill of what we’ve been looking for. He has been playing at League One level this season and will offer us a different dimension to the excellent attacking options we already have at our disposal."