SUNDAY, 11:17am: John Reid of The Times-Picayune confirms that the signing will take place. The Hornets have been carrying 13 players on their roster, the minimum amount, so they won't have to make a corresponding move unless they want to. He's likely in line for a minimum-salary deal, since that's what he was making before the Raptors let him go earlier this season.
SATURDAY, 10:10pm: According to a tweet from ESPN.com's Marc Stein, the Hornets could be signing former Raptors forward Dominic McGuire soon. McGuire was released by Toronto at the end of November, to make room for Mickael Pietrus.
McGuire's 2012/13 salary was believed to be fully guaranteed. He's owed $992K for this season and had a non-guaranteed year for 2013/14 worth $1.11MM. He spent last season with the Warriors, establishing himself as an athletic perimeter defender. He's 27 years old.