General manager Kevin O'Connor announced the deal, which was pending the outcome of a physical. Terms were not released Wednesday.
Foye has averaged 11.6 points, 3.2 assists and 2.4 rebounds in a six-year career that has included stints with Minnesota, Washington and the Los Angeles Clippers.
Foye played in 65 games with the Clippers last season, starting 48. He averaged 11.0 points, 2.2 assists and 2.1 rebounds while helping the Clippers to the second round of the playoffs, where they were swept by the San Antonio Spurs.