McGowens agreed to a two-way contract with the Trail Blazers on Thursday, Adrian Wojnarowski of ESPN reports.
The Hornets waived McGowens on Saturday, Roderick Boone of The Charlotte Observer reports.
McGowens is in the starting lineup for Sunday's regular-season finale against Cleveland.
McGowens notched five points (2-3 FG, 1-1 3Pt) and one rebound over eight minutes during Wednesday's 115-114 win over Atlanta.
McGowens (knee) is available for Monday's game against the Cavaliers.
McGowens (knee) has been upgraded to questionable for Monday's game against the Cavaliers.
McGowens (knee) won't play Monday against the Cavaliers.
McGowens (knee) has been ruled out for Saturday's game against Atlanta.
McGowens (knee) has been ruled out for Tuesday's game in Orlando.
McGowens (knee) is out for Saturday's game versus the 76ers.