The 6-foot-6 Henry has played the past two seasons with the Oklahoma City Thunder's NBA G League team, the Oklahoma City Blue. He played in 26 games with one start for the Blue this season and averaged 15.9 points and 5.4 rebounds.
Henry, 25, was not drafted in 2016 after finishing his college career at DePaul.
Hunter signed a two-way contract with Memphis on Sept. 11. He appeared in four games with the Grizzlies and in 13 games for Memphis' G League team, the Hustle.