The move will reunite Anderson with Matt Rhule, who coached him at Temple. Rhule is entering his first season as the Panthers head coach.
Anderson is coming off a four-year run with the Jets, where he was often featured as the No. 1 receiver. He experienced a cool market in free agency despite being near the top of a thin class of wideouts.
The 26-year-old will join a Panthers squad heading into a transition period. Carolina officially released quarterback and former MVP Cam Newton on Tuesday and already signed Teddy Bridgewater to a three-year deal to replace him.
Anderson totaled 779 yards and five touchdowns on 52 receptions in 16 contests last year. His best season came in 2017 when he posted 63 catches for 941 yards and seven scores.