Further financial details of the deal have not yet been disclosed.
Anthony, who most recently played for the Houston Rockets during the 2018-19 season, is a 10-time NBA All-Star and one-time league scoring champion.
In 10 games played with the Rockets, Anthony averaged just over 13 points. Throughout his career, Anthony has averaged 24 points, 6.5 rebounds and three assists across 1,064 games.
The Trail Blazers, who reached the Western Conference Finals last season, were seen as a team with title aspirations this season but injuries to Jusuf Nurkic, Pau Gasol and Zach Collins have hamstrung their rotation, leading to a disappointing 4-8 start.
According to Yahoo’s Chris Haynes, Trail Blazers franchise star Damian Lillard was notified of the potential that Anthony may be added last night, and voiced his support or bringing him on board.
Portland next plays on Saturday against the San Antonio. It is not yet known if Anthony will be available to play in that game, or if his first appearance will come at a later date.