Childress joined New Orleans on Nov. 12 but has been unable to carve out regular playing time. He appeared in only four games, during which he was credited with three rebounds, two assists and a steal in 24 minutes.
The 31-year-old Childress, playing his eighth NBA season, has appeared in 391 games in his career, including 70 starts. He has career averages of 9.1 points, 4.7 rebounds and 1.6 assists.
Following the transaction, announced hours before New Orleans' game against Memphis, the Pelicans have 14 players on their roster.