The deal was first reported Tuesday by The Vertical's Adrian Wojnarowski. Scola's salary was not disclosed.
Scola, 36, a nine-year NBA veteran, played in 76 games, all starts, for the Toronto Raptors last season. Playing 21 minutes a game, he averaged 8.7 points and 4.7 rebounds.
Scola has also played for Houston, Phoenix and Indiana, and he won an Olympic gold medal with Argentina in 2004.
The Nets have also signed power forward Trevor Booker, center Justin Hamilton, point guard Jeremy Lin and guard Greivis Vasquez in free agency this month.
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