The timing of the trade makes this a potential possibility.
First off, let's get some collective bargaining agreement jargon out of the way.
If a Team trades a player and the assignee Team subsequently places the player on waivers, the assignor Team shall not be permitted to sign the player to a new Contract (or claim the player off of waivers) before the earlier of: (i) one (1) year following the date all conditions to the trade were satisfied; or (ii) the July 1 following the last Season of the player’s Player Contract.
This is straight from the NBA's official Collective Bargaining Agreement PDF file, buried all the way on page 210.