The signing, announced Wednesday, comes as starting point guard Jrue Holiday deals with a right ankle injury that will sideline him for Wednesday night's game in Detroit.
The 6-foot-4 Wolters was a second-round draft pick out of South Dakota State in 2013. After a series of draft-day trades, he began his career last season in Milwaukee.
He appeared in 69 games with Milwaukee, averaging of 6.4 points, 2.9 assists and 2.4 rebounds.
The Pelicans say Wolters is expected to be in the lineup against the Pistons.