Allen is finalizing a one-year deal with the Pelicans, Shams Charania of The Vertical reports.

EDGE Analysis

Set to turn 36 in January, Allen's best days are in the rear-view, but when healthy he's still one of the NBA's most effective perimeter defenders. In 71 games for Memphis last season, Allen averaged 9.1 points, 5.5 rebounds, 1.4 assists and 1.6 steals per game, while shooting 46.1 percent from the floor. He'll likely take on a reduced role in New Orleans as a defensive specialist, meaning he's unlikely to be much of a fantasy difference-maker.