Green had been a member of the D-League's Los Angeles D-Fenders, and was the MVP of this weekend's D-League All-Star game. He has averaged 19.1 points in 22 games on the season.
The 26-year-old Green last appeared in the NBA in 2009 as a member of the Dallas Mavericks when he averaged 5.2 points in about 10 minutes per game. The Nets will be his fifth NBA franchise, as the forward also had stops in Boston, Houston and Minnesota.
Sam Amico of FOX Sports Ohio first reported (via Twitter) that Green would sign with the Nets.