Meeks spent last season with the Washington Wizards and averaged 6.3 points per contest on 39.9 percent shooting.
Toronto is Meeks' seventh team in 10 seasons. He's a career 37.2 percent shooter from downtown and provides the Raptors with a much-needed outside threat.
With the addition of Meeks, the Raptors are now up to the league-mandated 14 players. The veteran will earn $123,000 with a cap hit of $85,000, according to ESPN's Bobby Marks. Meeks' deal will also cost the club $214,000 toward the luxury tax, Marks notes.
The 31-year-old hasn't played since April after being suspended 25 games for violating the NBA/NBPA anti-drug program. Meeks' suspension ended after the Milwaukee Bucks held him on the roster before waiving him last November, according to The Athletic's Blake Murphy.