Collins has established a reputation throughout Europe as a player with court vision and an experienced ability to lead a team.
It was those qualities which persuaded Sharks' coach Atiba Lyons to bring in Collins at the expense of Rene Castro.
Speaking about the decision, Lyons said: "I have taken the decision that I needed to make an adjustment in the team and unfortunately that has led to the release of Rene.
"This is in no way casting an aspersion to him as a player, he is a great guy and a very talented player.
“I feel Anthony is the right type of player to fit the needs of our team.
"It has been a slow start to the season and we haven’t been able to hit on all cylinders.
"I think Anthony’s game will help everyone settle in and play more to their strengths."
Collins enjoyed a spell in the Champions League with Macedonia and also in the Georgian league last season.
He is the second new arrival at Sheffield inside a week, following the acquisition of power forward Leslee Smith who arrived after a brief spell in Germany.
The DBL Sharks are back in league action on Friday when they host Glasgow Rocks.