Hollins is in his third stint with Memphis this season. He was in training camp but was waived before the start of the season. He re-signed Dec. 29 and played in four games before being waived again Jan. 7.
Hollins also played in five games for Washington this season.
Hollins has averaged 3.7 points and 2.2 rebounds for nine teams in his 10-year NBA career. He was originally drafted by Charlotte in the second round of the 2006 draft after playing four years at UCLA.