Redick has not played since March 3 as he deals with a right heel injury. After the All-Star break, Redick underwent a nonsurgical procedure on the injury and has not been with the team since.
The 36-year-old is shooting a career-low 36.4% from 3-point range this season, but a lot of that has to do with an unusually slow start. Redick shot 29.8% in the first 16 games of the season but he's been shooting 46.4% in the 15 games since.
Redick has $13 million remaining on a two-year deal he signed with New Orleans in 2019.
New Orleans scoured the market for a possible deal for Redick and avoided a situation where Redick would have hit the buyout market by making a last-minute deal before the deadline hit.
Melli, who has struggled shooting this year for the Pelicans, is in the final year of his contract.
Johnson is in the final year of his deal paying him $15.8 million and gives the Pelicans depth in the frontcourt behind Steven Adams, Jaxson Hayes and Willy Hernangomez, while Iwundu gives the Pelicans another option on the wing.