The 35-year-old left-hander will be available for all three forms of the game subject to successful visa and registration applications. Prince, who last played for the Proteas in December 2011, was pleased to be back and was quick to outline his determination to help the Red Rose regain their place in Division One of the LV= County Championship after relegation last season.
He said: "I'm delighted to announce that I will be returning to Lancashire for the next two seasons. Whilst I had been approached by teams in Division One, I feel that I was part of the team that went down last season and I want to be part of the team that is going to fight our way back to where we belong."
He added: "I look forward to seeing all at the club soon."
The South African was first recruited by Lancashire in 2009 as cover for India's VVS Laxman, and averaged 62 from five first-class appearances.
He returned for a spell at the start of the following summer and was awarded his county cap.
In 2012 he was available for the entire season and hit over 1,000 runs at an average of just under 44 with the bat in first-class cricket.
Cricket director Mike Watkinson said: "I am delighted that Ashwell is to continue his association with us. He has had an outstanding international career and has a lot to offer our squad both on and off the field."
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