On Monday, Shams Charania of The Vertical reported the Pelicans and Allen were finalizing a one-year contract.
The veteran played for the Boston Celtics the first six seasons of his career and the Memphis Grizzlies the last seven. He has developed a reputation as one of the best defenders in the league and is a six-time member of an All-Defensive Team.
While Allen has never been a dominant scorer, he posted a solid 9.1 points per game in 2016-17 in his seventh consecutive season with more than 8.0 points a night. He also grabbed a career-best 5.5 rebounds per game and helped lead the Grizzlies to the postseason for the seventh straight campaign with his typical gritty play.
He will turn 36 years old during the 2017-18 season but is still a formidable defender. Foes shot 0.7 percent worse than their normal averages when Allen guarded them this past season, per NBA.com, and he frequently defends the opponent's best player.
Allen isn't someone who is going to put the Pelicans on his back and lead them to a title by himself, but he will provide veteran leadership as a productive role player alongside the frontcourt duo of Anthony Davis and DeMarcus Cousins.
He won a championship in 2007-08 with the Celtics and has played 112 playoff games in his career and will help lead New Orleans past the first round of the postseason for the first time since 2008.