The deal is reportedly worth $7.25 million with incentives of up to $18.25 million, according to ESPN .
Anderson, 26, was a sixth-round draft pick by the Baltimore Ravens in 2005 but never played for them. He was picked up by the Cleveland Browns after being waived by the Ravens.
He played back-up for Charlie Frye and didn't see action until 2006. Anderson came in while Frye was injured during a Kansas City Chiefs' game and played the entire second half. He threw his first two NFL touchdowns and helped the Browns comeback, to win in overtime.
Anderson started the 2007 season for the Cleveland Browns throwing for 3,787 yards, an impressive 29 touchdowns.
His numbers decreased during the 2008 season due to pre-season injuries and finally was replaced by the draft pick out of Notre Dame and current Denver Bronco's quarterback, Brady Quinn.
The new Cardinal QB will likely compete with current starter, Matt Leinart, who's been playing back-up behind Kurt Warner. Warner retired at the end of this past season, just a year after leading the Cardinals to an unlikely NFC Championship.
For his career, Anderson has thrown for 7,083 yards, 46 touchdowns, and 45 interceptions. He has also rushed for 180 yards and five touchdowns.