In his most recent NBA assignment, Wafer played in 63 games, starting 11 of them and averaging 9.7 ppg. He was a significant part of the 2008-2009 Houston playoff run (that was eventually shut down by the Los Angeles Lakers, the team that originally drafted Wafer), as he shot nearly 40% from behind the three-point line, and averaged nearly nine points per game.
Since then, Wafer spent time with the Greek team Olympiacos B.C. He recently worked out opposite free agent Rashad McCants, and apparently impressed Mavericks coaches and staff more than McCants, who reportedly worked his way off the Mavericks' radar.
Wafer himself says on his Twitter page that he is close to signing with a team, although he did not specify which team. It's believed that he needs to only pass a physical at this point.
I will keep followers of this story updated as it unfolds.