Earnshaw, 31, played 20 league games for the Welsh club last season but has not featured for his boyhood club in the 2012/13 campaign.
He has agreed terms with Maccabi and is set to link up with his new team-mates ahead of the start of the Israeli Premier League campaign.
"I am delighted with this latest addition," said Maccabi sports director Jordi Cruyff.
"The last day of the transfer window always gives pleasant surprises and this is one of them. His goal-scoring record speaks in itself."