The Clippers announced the move Tuesday night on the eve of their season opener at Sacramento.
Wilcox's option for next season is worth nearly $1.21 million.
Wilcox was the 28th overall pick in the 2014 draft by the Clippers out of the University of Washington.
He played in 21 games for Los Angeles last season, averaging 2.0 points and 0.4 assists. Wilcox played well for the Clippers' development team in the Orlando Pro Summer League.