NEW YORK (Reuters) - Point guard Jason Williams, who was cut by the Orlando Magic, has re-signed with the Memphis Grizzlies and was expected to begin practicing with the team on Thursday, the NBA team said Tuesday.

Terms of the deal were not disclosed.

Williams, 35, played four seasons in Memphis from 2001-05 and is the franchise's all-time assists leader with 2,041.

During his four seasons with Memphis, he averaged 11.9 points, 7.2 assists and 2.4 rebounds and helped the Grizzlies make their first two playoff appearances (2004, 2005).

Williams, selected by the Sacramento Kings with the seventh overall pick of the 1998 NBA Draft, averaged just 2.1 points, 1.5 assists and 1.4 rebounds and 10.7 minutes in 16 games this season for Orlando.

(Reporting by Larry Fine, Editing by Steve Ginsburg)