POSTED: Feb 18, 2016 9:58 PM ET
Green, 29, is averaging 12.2 points, 4.5 rebounds and 1.8 assists in 53 games (31 starts) for Memphis this season. The seven-year NBA veteran has career averages of 14.1 points, 5.0 rebounds and 1.7 assists in 609 regular season appearances (463 starts) with the Grizzlies, Boston Celtics and Seattle/Oklahoma City Thunder.
"Lance was a true professional and we appreciate all that he did for us," Clippers President of Basketball Operations and Head Coach Doc Rivers said. "In the short time he was here, he had a good impact on our team. We are excited to add Jeff to the Clippers and I am looking forward to coaching him again."
A Maryland native, the 6-foot-9 inch Green played under Rivers in Boston from 2011-2013 and was a member of the 2007-08 NBA All-Rookie First Team.
Originally selected by Boston with the 5th pick in the 2007 NBA Draft out of Georgetown University, Green was traded to Seattle on Draft Night. The 2007 Big East Player of the Year, Green led the Hoyas to the Final Four before declaring for the draft following his junior season.
Stephenson, 25, averaged 4.7 points, 2.5 rebounds and 1.4 assists in 43 games (10 starts) for the Clippers this season. He holds career averages of 8.3 points, 4.2 rebounds and 3.0 assists over 314 games (186 starts) for the Clippers, Charlotte Hornets and Indiana Pacers.