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Powell has 14 Welsh caps to his credit and has played at No 8 and blindside flanker for his country. He has spent the past five years at the Blues having previously played for Newport, Leicester, Beziersand the Scarlets.
"I am extremely excited to be joining London Wasps. My decision was a pure rugby decision," said Powell.
"After all the talk and speculation about where I will be playing, all I want to do now is get my head down, improve as a player and hopefully if selected, play in the World Cup next year for my country.
"To do that I need to be playing well for my club, and I think with the coaching team and set-up at Wasps, I will have the perfect opportunity to do that. I know Shaun Edwards well from my time with the Welsh team, and I took little persuading once I met with Tony Hanks and Trevor Woodman about how serious this team is about success and winning.
"Wasps have pulled together a great squad, with some great coaches and I think this is an environment in which I will thrive as a player and I hope to do my part to help bring success and trophies to Wasps."
