Former Tottenham trainee Yeates, who has been capped at Under-21 level by the Republic of Ireland, scored 12 goals in 42 appearances for League One Colchester last season.
The Dubliner played only four games and made just one start in five years at White Hart Lane, and had loan spells at Brighton, Swindon, Hull and Leicester as well as the U's before making a £100,000 permanent move to the Essex club in July 2007.