The 25-year-old Icelandic player was linked in January with a loan move from Icelandic club Fjolnir Rejkjavik but that was put on hold.
The Icelandic International came to Crewe in January looking to impress Thordarson in a reserve game.
Gumundsson is described as an attacking midfielder with an eye for goal and had scored 11 goals in 22 games prior to his trial in January.
It now seems that could become Thordarson's fourth signing of the season and would no doubt take the number seven shirt that is vacant following the squad numbers yesterday.