The six-foot-nine Argentinian, who played for the Indiana Pacers this past season, announced on Twitter he would be heading north.
Scola averaged 9.7 points and 6.5 rebounds per game with the Pacers this past season.
The Raptors have called news conferences for 10 a.m. and 11:30 a.m. ET Thursday when president and general manager Masai Ujiri will make what the team calls major announcements.
The 35-year-old has previous played for the Phoenix Suns and Houston Rockets, and was drafted by the San Antonio Spurs in the second round of the 2002 draft.
Scola won a gold medal at the 2004 Olympics with Argentina, while winning a bronze in the 2008 Beijing Games. Even though he was drafted in 2002, he didn't start his NBA career until the 2007-2008 season with the Rockets
Canadian Cory Joseph of Pickering, Ont., announced on Sunday he would also be joining Toronto.