Oakland had workhorse back Marshawn Lynch placed on injured reserve on Oct. 22 with a groin injury. At the time, the 32-year-old Lynch led the Raiders with 376 yards rushing through six games and was averaging 4.2 yards per carry with three touchdowns.
Anderson was released by the Carolina Panthers on Nov. 12, mere months after signing a one-year, $1.75 million contract with the club.
The 27-year-old had 104 yards on 24 carries this season to go along with one reception that went for 24 yards and a touchdown.
Anderson, who spent his first five seasons with the Denver Broncos (2013-17), had visited the Kansas City Chiefs earlier this week in the wake of Kareem Hunt's release. Former Chiefs running back Charcandrick West re-signed with the team to replace Hunt, who was released by the club on Friday after a video showed him pushing and kicking a woman in February.
Anderson was a Pro Bowl selection in 2014, and he rushed for a career-high 1,007 yards for the Broncos last season, when he started all 16 games.
For his career, Anderson has 717 carries for 3,155 yards and 20 touchdowns. He has totaled 104 receptions for 883 yards and five touchdowns.