Stojakovic was waived Thursday by Toronto. He's played only eight games this season with the Raptors and New Orleans Hornets because of knee problems.
Dallas is hoping Stojakovic -- who has averaged 17.2 points per game over his career -- can replace some of the scoring punch lost when Caron Butler went down with a season-ending injury.
Team owner Mark Cuban tweeted: "Peja is now a Mav ! Time to let him drop some of those 3s on the bad guys"
To clear a roster spot, the Mavericks traded fourth-string center Alexis Ajinca to Toronto for the rights to Georgios Printezis, who is playing in Spain.