Last season was Fredette's first with the team, and he averaged 37.6 points, 8.2 rebounds, 4.2 assists and 1.6 steals per game en route to being named the CBA International MVP.
The 28-year-old veteran made headlines last season when he scored 73 points in a double-overtime loss to the Zhejiang Guangsha Lions.
Success in the CBA has helped revitalize the NBA careers of floundering players in the past with Michael Beasley serving as the most recent example.
After a dominant collegiate career at BYU that included National College Player of the Year honors in 2011, Fredette was selected with the No. 10 overall pick in the 2011 NBA draft by the Milwaukee Bucks. He was then immediately traded to the Sacramento Kings.
Fredette struggled to carve out a consistent role with the Kings, which resulted in his bouncing around to the Chicago Bulls, New Orleans Pelicans and New York Knicks in subsequent years.
In 235 career NBA regular-season games, Fredette has averaged 6.0 points, 1.4 assists and 1.0 rebounds per contest.