Paige was not extended a qualifying offer from the Hornets and will become an unrestricted free agent.
Paige played in five games with the Hornets in 2017-18 and averaged 2.4 points, 0.8 rebounds and 0.6 assists per game.
Paige was recalled from the G-League's Greensboro Swarm on Thursday.
Paige provided 33 points (9-18 FG, 6-11 3Pt, 9-10 FT), four rebounds, four steals and four assists during Friday's 124-122 loss to Delaware.
Paige finished with 30 points (11-17 FG, 8-12 3Pt), seven assists, three rebounds and one steal during Wednesday's 98-88 win over host Lakeland.
Paige was assigned to the G-League's Greensboro Swarm on Saturday and will play during the team's home opener.
Paige (ankle) will be available to play in Wednesday's preseason matchup against the Celtics.
Paige is dealing with a right ankle sprain and has been ruled out for Monday's preseason matchup with the Heat.
Paige has agreed to join the Hornets on a two-way contract, Rick Bonnell of The Charlotte Observer reports.