Anderson, 26, got off to a slow start last season but found his footing in late November. He racked up 86 receiving yards and one touchdown in Week 12 against the Oakland Raiders and posted back-to-back games with 100-plus yards against the Cincinnati Bengals and Miami Dolphins in early December.
In 16 regular-season games in 2019, Anderson notched 52 receptions for 779 yards and five touchdowns. He averaged 15 yards per catch, finishing 20th among qualifying receivers.
Anderson, who is known as a vertical threat, will be paired with 2018 first-round draft pick D.J. Moore, who had 87 catches for 1,175 yards last season.
Across 62 career games, Anderson has 207 receptions for 3,059 yards and 20 touchdowns. He has 50 catches of 20 or more yards and 11 receptions of 40-plus yards.