Diaw agreed to a buyout with the Charlotte Bobcats on Wednesday and cleared waivers Friday afternoon. The Spurs will sign Diaw for the remainder of the season.
Players need to be waived by Friday to be cleared and signed in time to join teams for the playoffs.
Diaw, 29, is a versatile forward who fell out of favor with Bobcats head coach Paul Silas this season. For his nine-year career, Diaw has averaged 9.4 points and remained one of the league's better passing forwards.
Despite starting Diaw in 28 games for Charlotte, Silas was frustrated with his unwillingness to be more aggressive in scoring. Diaw's fitness issues have dogged him throughout his career, but he continues to show the ability to be a productive offensive player.
San Antonio is 30-14, trailing Oklahoma City by 3½ games for top seed in the Western Conference. The Spurs have bolstered themselves with forward Stephen Jackson and point guard Patty Mills for the stretch run of the season.
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