Wang will be paid at a rate of $500,000 this season while in the major leagues and $90,000 while in the minors. The deal does not contain any performance bonuses.
The 33-year-old right-hander was 4-4 with a 2.33 ERA in nine starts this year for the New York Yankees' Triple-A team at Scranton-Wilkes-Barre. The Yankees released him last week at his request.
Toronto designated infielder Andy LaRoche for assignment. He was 0 for 4 in one game with the Blue Jays and hit .282 with seven homers and 32 RBIs at Triple-A Buffalo.
Catcher Henry Blanco, designated for assignment on June 7, was released.