Sanders, 25, spent the past two seasons with the Saskatchewan Roughriders after making his CFL debut with the B.C. Lions in 2011.
Sanders played in 12 regular-season games for Saskatchewan last season and accumulated 1,485 all-purpose yards, including 787 on 35 kickoff returns, and 505 on 64 punt returns. He also rushed 21 times for 78 yards and caught nine passes for 115 yards and one touchdown.
Saunders also played in all three post-season contests for the Grey Cup champs.