Since leaving Boston in 2014, Rondo also played a half season with Dallas and spent a single year in Sacramento alongside DeMarcus Cousins, who he reunites with in New Orleans.
Rondo is obviously at the tail end of his career, which is why it makes sense that this would be a one-year rental. The meeting reportedly went well and the two sides could begin contract discussions as early as Thursday.
After signing and spending one season with the Kings, Rondo joined the Chicago Bulls on a two-year deal last July.
Rondo, 31, spent his first eight full National Basketball Association seasons with Boston, helping the Celtics win the 2008 championship and reach the Finals again in 2010.
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Rondo had a down season for Chicago, averaging 7.8 points, 6.7 assists, and 5.1 rebounds per game, and falling in and out of the rotation.
A source said Cousins played a "pivotal" role in Rondo coming to the Pelicans.
Rondo fell completely out of the Bulls' rotation last season for a stretch of five games in January before coach Fred Hoiberg came to rely on him as a veteran presence.
Those numbers improved to 11.5 points, 10.0 assists and 8.5 rebounds in the first two games of Chicago's playoffs series against the Celtics. He suffered a thumb fracture in Game 2, however, and was unable to play again in the series; the Celtics swept the next four games.