The Grizzlies said Thursday that the 6-foot-9 forward should be ready to return to full basketball activities in advance of training camp.
The 25-year-old Anderson played just 43 games this season in his first year with the Grizzlies, who signed him last summer as a restricted free agent.
Anderson made 40 starts for Memphis and averaged eight points, 6.8 rebounds, three assists and 29.8 minutes. He shot 54.3 percent from the field.
The Grizzlies signed Anderson to a four-year, $37.2 million offer sheet that the San Antonio Spurs declined to match.
He spent his first four NBA seasons with the Spurs, who drafted him out of UCLA with the 30th overall pick in 2014.