Wallace is signing a 10-day contract with the Pelicans on Thursday, Adrian Wojnarowski of ESPN reports.
Wallace hasn't seen NBA action since 2019 and has been in the G League this season, where he's averaged 21.1 points, 5.7 rebounds, 5.2 assists and 1.4 steals in 35.8 minutes. The 27-year-old will provide backcourt depth for New Orleans with Brandon Ingram (hamstring) and CJ McCollum (COVID-19 protocols) out for the near future.