Hibbert, 29, has fallen severely from his All-Star status a couple of years ago with the Indiana Pacers but will try to resurrect his career under coach Steve Clifford and his associate head coach, Hall of Fame center Patrick Ewing.
Ewing and Hibbert have a relationship as Georgetown University basketball alumni.
The Hornets have been trying to trade Spencer Hawes and the remaining $11.7 million on his contract to clear salary-cap space, a move that will likely require the Hornets to attach a future draft pick, league sources said.
Charlotte had discussed deals with several possible centers, but chose Hibbert for his ability to protect the rim. Hibbert played the 2015-16 season with the Lakers, after spending seven seasons with Indiana.
Hibbert averaged 5.9 points, 4.9 rebounds and 1.4 blocks for the Lakers.