Hey, 25, was top of the goal scoring charts playing for Pontefract Collieries in 2018/19 before breaking a leg towards the end of the season, ironically against Brighouse.
On his return to fitness, he joined Eccleshill before moving to Colne in January.
He fills the void left by Aaron Martin - who Hey was fighting for the golden boot with two seasons ago - after he departed for Guiseley last summer.
Manager Vill Powell said: “"I am delighted to have snared Eli at long last as he has a real eye for goal and is a strong, skillful and great team player who will be a great asset to us.”
Meanwhile, Powell has confirmed the departure of last season’s captain and goalkeeper Jordan Porter.
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