This marks the 25th season for the fast bowler in first-class cricket.
The 42-year-old Anderson is England's all-time leading wicket-taker with 704 — making him third all-time behind Australia great Shane Warne and Sri Lanka spin ace Muttiah Muralitharan — and retired from the international game last July.
“I am incredibly excited to sign this contract with Lancashire and resume playing professional cricket again next season," he said. “I have been working hard on keeping my fitness levels high and continuing to bowl regularly during my time as a coach with England throughout the winter, with the aim of being able to hit the ground running when the county season starts in April.”
Anderson made his debut for Lancs in 2001. The club said he signed an initial season-long deal to play in the County Championship and English Twenty20 competitions.
Anderson, who is known for his control and skill, looks set to add to his career haul of 1,126 first-class wickets. He has best match figures of 11 wickets for 71 runs and a best innings performance of 7-19.
“This club has played a huge part in my life since I was a teenager," he said, "so to have the opportunity to wear the Red Rose again and help the side in both red and white-ball cricket is one that I am really looking forward to." ___
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