The 33-year-old Wolves midfielder, who rejected the offer of a new contract at The Molineux, has joined the Sky Blues on an initial one-year deal.
"Colin's experience speaks for itself and that will be vital for us as we look to progress," Coventry boss Micky Adams told his club's official website.
"He has been a great player and there was a lot of interest in him so for us to get him here shows our ambition."