Spears reports that Price is in Boston, where Indiana faces the Celtics on Friday, and will sign with the Pacers there.
The Pacers have been dealing with a rash of injuries, including to point guards George Hill and C.J. Watson. Hill has a knee injury and coach Frank Vogel recently said the guard is still "a long ways away" from returning, while Watson is currently out with a bruised right foot.
Price is a five-year NBA veteran and played 28 games last season for the Minnesota Timberwolves before being waived in April. The 28-year-old was drafted in the second-round by Indiana in 2009 and appeared in 150 games for the Pacers from 2009 through 2012.
In five seasons, Price has averaged 5.9 points, 2.2 assists and 1.5 rebounds.
Indiana fell to 1-4 to open the season after an overtime loss to the Washington Wizards on Wednesday.
- Brad Rowland