Lietuvas Rytas found a replacement for the departing Jonas Valanciunas. Bulgarian center/forward will be battling for the Lithuanian club next season.
Ivanov arrives from Italian Seria A side Montegranaro Sutor. He played there since 2009.
Last season 26-year-old Bulgarian international averaged 13.1 points and 8.2 rebounds per game in Serie A.
During his career Ivanov played in his native Bulgaria as well as Russian, Spanish and Croatian clubs.
Though Dejan Ivanov has no Euroleague experience so far. Rytas, once again hopes to add a player who will reveal himself in Vilnius.
Ivan signed a one-year contract with LKL runners-up with an option for one more year extension. The club is also looking for a point guard.