Financial terms were not disclosed, but the Bleacher Report's Howard Beck reports that Odom's deal is for two years, with the second year (the 2014-15 season) being non-guaranteed.
Odom, 34, has not played this season and last appeared in an NBA game in 2013 with the Los Angeles Clippers, when he averaged 4 points, 5.9 rebounds and 1.7 assists in 82 games.
Odom has also played for the Miami Heat, Dallas Mavericks, and Los Angeles Lakers.
His greatest success came with the Lakers, where he helped the team win two NBA championships. He also won the NBA Sixth Man of the Year award in 2011, after averaging 14 points a game and setting career-highs in field-goal and three-point field goal percentage.
In 14 seasons, Odom has career averages of 13.3 points, 8.4 rebounds, 3.7 assists in 961 games.