The 33-year-old is a free agent after leaving the Atlanta Hawks following his career-worst season, when he averaged 5.3 points and 16 minutes per game.
But he is a long-time star in China on account of his Houston Rockets partnership with Yao Ming and, after failing to secure a guaranteed NBA contract for this season, Yahoo! Sports US claims he has elected to accept a money-spinning offer in Asia instead of trying to make a roster in training camp.
The move would come as no great surprise, given that he regularly undergoes promotional tours in China.
China’s season finishes in March, meaning he could then join an NBA side in time for the play-offs.
McGrady had failed to earn a contract with either the San Antonio Spurs or the New York Knicks after spending time training with both franchises.
He has played for the Knicks before in the 2010 season, after which he spent time at Detroit before joining Atlanta.
McGrady's golden years came at Orlando Magic, who he joined from Toronto, and Houston, where he stayed for six years and formed a lethal partnership with Yao.