The terms of the agreement were not disclosed. Stephens is the 19th player on the Pelicans' training camp roster.
Stephens, a 6-foot-5 forward, played at the University of Memphis but was undrafted in the 2013 draft. He was All-Conference USA Third Team, Conference USA All-Defensive Team and Conference USA Defensive Player of the Year honors his senior season.
Stephens started his professional career with Ilysiakos B.C. of Greece, averaging 10.5 points and 8.3 rebounds per game in 12 games. He signed a 10-day contract with the Milwaukee Bucks last season, on March 26, appearing in three games and averaging 2.3 points and 1.7 rebounds.
Stpehen played for Anadolu Efes in the Turkish leave for the remainder of the 2013-14 season and averaged 5.0 points and 2.4 rebounds in seven games.