T.J. McBride of BSNDenver.com reported Childress signed a one-year non-guaranteed contract but that it's "likely worth more." McBride noted that while it doesn't guarantee Childress will make the final roster, "it does show more faith" in his ability to do so and that it "fits a need" for the Nuggets.
Childress played for the Ball Hogs during the inaugural season of the BIG3 3-on-3 basketball league, making him the first BIG3 player to sign with an NBA team.
The Ball Hogs went just 3-6, and Childress ranked 27th in the league with 7.6 points per game.
Childress last appeared in an NBA regular-season game for the New Orleans Pelicans during the 2013-14 campaign.
The 34-year-old has bounced around since then, playing in Australia, Japan and the NBA G League in addition to BIG3.
Childress was originally selected by the Atlanta Hawks with the No. 6 overall pick in the 2004 NBA draft out of Stanford.
In eight NBA seasons, Childress has career averages of 9.1 points and 4.7 rebounds per game.
Childress will join a Nuggets team that lacks depth on the wing, giving him an opportunity to see solid minutes behind starting small forward Wilson Chandler.