Sources told ESPN.com that the Pelicans and Fredette have agreed to terms on a one-year deal at the league minimum. The Associated Press is reporting that the Pelicans also have agreed to contract terms with forward Darius Miller.
Fredette finished last season with Chicago but played sparingly after securing his release in March from Sacramento and joining the Bulls for the stretch run and playoffs.
The former Brigham Young star spent his first 2½ seasons with the Kings and will get a shot to replace Anthony Morrow as the Pelicans' designated perimeter specialist.
Morrow landed a new deal with the Oklahoma City Thunder earlier this week.
The 6-8 Miller was New Orleans' second-round pick in 2012. Last season, he averaged 4.4 points in 45 games.