The basketball player - who was married to reality TV star Kim Kardashian for 72 days - now has a two-year contract with the Nets, partially owned by rapper Jay-Z.
The new deal will prove to be a huge raise for Humphries, whose previous contract was worth $8 million (£5.1m).
Humphries has recently been embroiled in controversy with his former girlfriend Myla Sinanaj.
The athlete has accused Sinanaj of extortion, after she allegedly left several phone calls threatening to divulge sensitive information about their relationship.
Sinanaj has since admitted that she wants a reconciliation with Humphries, and has also claimed that she is pregnant with his child.