In addition to Davis, the team signed Austin Rivers, the 10th overall pick in the 2012 NBA Draft. Terms of the contracts were not disclosed.
The 19-year-old Davis, currently playing with the U.S. Olympic basketball team, was the consensus national player of the year during his one season at the University of Kentucky where he led the Wildcats to the national title.
Rivers, who also left for the NBA after just one collegiate season, paced Duke with 15.5 points per game, just the third freshman ever to lead the Blue Devils in scoring.
New Orleans was a Western Conference-worst 21-45 last season.