10:56am: Sean Williams has also signed with a Chinese team, joining McCants on the Foshan Dralions, according to Jon Pastuszek of NiuBBall.com (via Twitter). Williams was waived by the Rockets earlier this summer and drew some interest from the Timberwolves and Knicks, but didn't land an NBA deal.
10:20am: Gilbert Arenas has officially signed with the Shanghai Sharks, the team announced on its website (Chinese link). Reports earlier this month indicated that Arenas had agreed to sign with Yao Ming's Sharks, after a verbal agreement with the Guangdong Southern Tigers fell through.
While Arenas is the biggest name heading to China this week, he's not the only former NBA veteran signing overseas. According to a NetEase report (translation via HoopsHype), forward Ike Diogu has signed with Guangdong, with the team waiving Derrick Caracter to clear room. Diogu, the ninth overall pick in the 2005 draft, was in camp with the Suns last month before being released.
Another 2005 lottery pick will also be playing in the Chinese Basketball Association this season, as Marc Stein of ESPN.com tweets that Rashad McCants will join the Foshan Dralions. According to Stein, McCants' scoring ability has kept him on the radar of NBA teams, though the former UNC standout hasn't appeared in an NBA game since the 2008/09 season. The Pacers were one club that displayed some interest in McCants before he landed his deal in China, tweets Stein.
Arenas, Diogu, and McCants will all be eligible to return stateside and catch on with an NBA team before the playoffs begin, since the CBA regular season ends in February.