Dowtin, 25, is 6-foot-3 and is coming off a strong showing at the NBA Summer League in Las Vegas, averaging 16.0 points and shooting a sizzling 57 percent from the field.
He appeared in nine games last season overall — four with the Warriors, four with the Magic and one with the Bucks. The Warriors waived him in January after signing him to a two-way deal, before he signed a pair of 10-days with the Bucks and Magic.
He spent most of his time in the G League with the Lakeland Magic and Wisconsin Herd.
The Raptors now seem set in the two-way department, with rookie Ron Harper Jr. holding the other such contract.