Ryan Nembhard has agreed to a two-way deal with the Nuggets, Shams Charania of ESPN tweets.

Nembhard became an unrestricted free agent when he was waived by the Hornets last week and cleared waivers. The Nuggets’ interest in Nembhard, who reportedly had multiple two-way offers, was reported shortly after Charlotte chose to let the second-year point guard go.

Nembhard wound up on the Hornets’ roster when he was dealt by the Hawks along with Buddy Hield and cash for veteran forward Dorian Finney-Smith. Charlotte had an overload of players on guaranteed contracts, making Nembhard expendable.

Nembhard was traded earlier this offseason by the Mavericks. He was sent to Atlanta in the three-team Luguentz Dort/Zaccharie Risacher trade in July.

After going undrafted last year, Nembhard appeared in 60 games for Dallas, making 27 starts and earning a promotion from his two-way contract to a standard deal. He averaged 6.6 PPG, 5.3 APG, and 2.2 RPG in 19.5 MPG, with a solid shooting line of .415/.356/.806.

Denver will waive KJ Simpson, another point guard, to create a spot for Nembhard, Bennett Durando of the Denver Post tweets. Simpson signed his two-way with the Nuggets in February. He appeared in six games with Denver after seeing action in 14 games with Charlotte earlier in the season.

He was selected by Charlotte with the 42nd pick in the 2024 draft and inked a two-year, two-way deal before his rookie season. He remained on its roster until he was waived after last season’s trade deadline.

Forwards Bryce Hopkins and Cam Whitmore are the Nuggets’ other two-way players.