The 29-year-old Anderson, who agreed to terms on Monday, was signed to a 10-day contract by the Raptors on March 26 and then for the remainder of the season on April 16. He averaged 9.6 points, two rebounds and 27.1 minutes in 17 games.
The 6-foot-6, 220-pound Anderson had a season-best 20 points and a career-high five 3-pointers on April 26 against New Jersey. He has averaged 6.7 points, 1.9 rebounds and 18.3 minutes in 70 NBA games with Charlotte and Toronto.
Anderson, who has also spent time in the NBA D-League and overseas, was a four-year starter at Michigan State University, where he helped the Spartans reach the 2005 Final Four.