Shams Charania of The Athletic and Stadium reported the news as Brooklyn attempts to fill out its rotation for next season.
Nwaba, 26, averaged 6.5 points and 3.2 rebounds per game last season with the Cleveland Cavaliers. The Nets are Nwaba's fourth team in as many seasons, as he previously played for the Los Angeles Lakers and Chicago Bulls.
The Nwaba signing puts the Nets roster at 15 players, not including second-round pick Jaylen Hands, who is a good bet to sign a two-way deal. It's likely fellow second-rounder Nicolas Claxton will also spend time with the G League club.
Nwaba will try to find minutes in a somewhat crowded wing rotation for the Nets. Joe Harris, Garrett Temple and Caris LeVert already occupy the 2 spot, and Brooklyn has a number of multipositional forwards who can swing between the 3 and 4.
That said, the Nets will likely look to fill as many minutes as possible on the wing with Kevin Durant expected to miss all of next season with a torn Achilles. Nwaba may not see the 19.3 minutes per game he played in Cleveland last season but should help shore up the team's bench depth.