According to the report, the team and Williams have discussed a deal but nothing is in place. The Hornets are looking to replace forward Josh McRoberts, who agreed to a four-year, $23 million deal with the Miami Heat.
Williams, 28, played last season with the Utah Jazz, averaging 9.1 points and five rebounds per game.
He spent his first seven seasons with the Atlanta Hawks after the team made him the second overall pick in the 2005 NBA Draft.
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The Hornets are left with a gaping hole at the position, where it is unclear if 2013 No. 4 overall pick Cory Zeller is ready to step into the starting lineup of a team with expectations to return to the Eastern Conference playoffs.