The Pilgrims - rock-bottom of League Two - secured their former skipper Wotton on an 18-month deal on Thursday after his contract at Yeovil was cancelled by mutual consent.
The 34-year-old is seventh on the list of Argyle's all-time appearance-makers, having spent 14 years with the Devon outfit from 1994 to 2008.
He left the Pilgrims for Southampton, and subsequently moved on to Yeovil on loan and then permanently in January 2011.
However, he is now back at Home Park as Argyle prepare for the final 21 fixtures of a season that threatens to see them slide out of the League altogether.
"I'm so thrilled," said Wotton.
"I felt I shouldn't have left when I did. I feel like I've been on a three-and-a-half year holiday!
"Things have changed a tiny bit, but it's still Plymouth Argyle, and a wonderful football club. I'm so happy."
After their relegation from the Championship in May 2010, Argyle were plunged into administration the following February and were promptly relegated again due to the 10-point deduction imposed on them.
Months of financial turmoil and agony for the club's staff and players were finally ended in October when local businessman James Brent completed a takeover, and Wotton has nothing but admiration for the dedicated staff, players and fans who helped the club survive.
Wotton added: "I have gone through the administration process at Southampton, but nowhere near what the people went through here. They deserve all the credit in the world to keep this club still going."
However, with the threat of Conference football looming, Wotton knows he must get down to business quickly if Argyle are to arrest their decline.
"The greatest thing about re-signing now is I've got a chance to help them do something about it," he said.
"I'm a fan, the same as everyone else who's going to come on Saturday and who can't make it on Saturday, but I'm a lucky fan because I've got a chance to do something about it on the pitch.
"I just can't wait to try my best, as I always have done and always will do, to help out my club - the club that I love, and the club that I support."
Wotton has only one target in his sights - finishing 22nd in League Two or higher.
"That can be the only aim. That's what everybody has to focus on.
"As a player coming back now, what a great challenge. It's a challenge to be embraced, and it's exciting. Let's get on with it!"
Concerns over his fitness have been allayed and although he is now moving into veteran status, Wotton insists he can still play a major role for the Pilgrims.
"I feel as fit as I ever have done," he added to Argyle Player.
"Of course, I'm older but people know me as a player. They know what I bring, and what I don't bring. I've always promised 100%, I can't do any more than that.
"It's a promise that I've stood by my whole career, and I'd like to think there's a final swansong still in there."
Wotton is set to make his second debut for Argyle in Saturday's League Two game against Burton Albion at Home Park.