Wolters, who was cut by the Milwaukee Bucks last week, cleared waivers on Tuesday.
He started 31 games as a rookie for Milwaukee last season, averaging 7.2 points, 3.2 assists and 2.6 rebounds in 58 games.
New Orleans is 18-19 this season and tied with the Oklahoma City Thunder for ninth place in the Western Conference. The Pelicans are three games behind the Suns for the final playoff spot.
The Pelicans play at the Detroit Pistons on Wednesday at 7:30 p.m. ET. Wolters will be available for the game and will wear No. 4 on his jersey.
- Phil Watson