The agreement will see pace bowler Daniel Worrall move to the Strikers in return.
204cm tall Stanlake has played 39 BBL matches and taken 34 wickets in the competition so far.
The 25-year-old has been part of Australia’s ODI and T20 International squads in recent years and is currently in the Middle East with his Indian Premier League side, Sunrisers Hyderabad.
Stanlake said he was looking forward to joining his new club.
“The Melbourne Stars have been a very successful club for a long time in the BBL. While they haven’t lifted the trophy yet, they have been a serious contender almost every season and I hope I can contribute to taking that final step,” Stanlake said.
“I’m looking forward to meeting up with the guys later in the year and getting stuck into what I’m sure will be a slightly different campaign to normal but it’ll be great to get underway.”
Melbourne Stars Head Coach David Hussey said Stanlake will bring a different dimension to the bowling unit.
“It’s never that nice as a batsman to have the ball coming down from that height at you and when Billy is up in the 140km zone with a good yorker and bouncer, he’s a very difficult bowler to contend with,” Hussey said.
“I’d also like to thank Dan Worrall for his commitment to the Stars over many seasons. He has been a good performer for the Stars, and we wish him well as he continues his BBL career at home in Adelaide.”
Melbourne Stars General Manager Nick Cummins said that with the contracting window open, the club was looking to make further signings.
“It’s pleasing to see Billy sign for us, and we look forward to seeing him in action. We’re well underway in a number of our squad discussions, particularly as far as our international players go and we’ll be in a position to make announcements soon,” Cummins said.
Stanlake is contracted to the Melbourne Stars until the end of the BBL|12 season.
Daniel Worrall at the Melbourne Stars
Joined club: BBL|02
Best bowling figures: 4-23