The new project is a partnership between a number of organisations including Camden council and the NBA star.
According to officials, Anunoby will help to fund and design the project.
He will also spend time getting to know the Camden basketball community before the improvements begin.
Anunoby said: "Each time I come back to London, there's more and more excitement about basketball. It's definitely growing at a rapid rate - it's amazing.
"Basketball can lead to a career or education, but for many it's also a way to build community and connect with others," he added.
As well as the basketball court, other parts of the park will also be improved.
It's hoped that the investment will further support grassroots basketball and create opportunities for young people across the capital.