The Kings announced the agreement Thursday.
Fredette was drafted 10th overall in 2011 after dazzling at BYU, where he won The Associated Press' player of the year award after leading the nation in scoring at 28.5 points per game. But ''Jimmermania'' never took shape in Sacramento like the Kings had hoped, and the franchise's instability didn't help his cause.
The sides began talking about a contract buyout after the Kings couldn't find any suitable takers before last week's trade deadline.
Fredette is averaging 5.9 points and 11.3 minutes this season. He's shooting 47.5 percent from the floor and 49.3 percent from 3-point range.
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